Various views of accounting

Please choose the most appropriate answer for each sentence.
  • 1

    Commercial, financial and taxation accounting rules ..... their own purposes and, as a consequence, differences in the results should be expected and accepted.

  • 2

    Commercial accounting rules are used to determine the commercial results of a single entity, and establish, in particular, whether a profit or a loss has resulted for ..... period.

  • 3

    The rules are intended to protect the rights of shareholders and creditors and, as a consequence, the ..... principle occupies an important place.

  • 4

    Financial accounting and reporting rules are part of a country's capital ..... regulations.

  • 5

    Their objective is to give investors and other stakeholders a reliable and as accurate as possible picture of the financial situation of the economic entity (group); the guiding principle is '.....'.

  • 6

    Other important rules in this respect are 'substance over form', 'market value measurement', and the factual prohibition of hidden ......

  • 7

    Taxation rules are used to determine taxable profits, and their objective is to define the tax liability of enterprises to the ......

  • 8

    The rules must be susceptible to ..... by taxpayers and control and enforcement by tax authorities.

  • 9

    Taxation rules for companies are usually designed to preserve economic neutrality, so that business decisions are not ..... influenced by fiscal measures.

  • 10

    Tax laws reflect general principles of taxation, such as non-discrimination or taxation according to economic capacity, but also ..... such as availability of funds for payment of the liability and long-term profitability.

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