Scenario - Brininger Enterprises Rapid City, South Dakota has been home to Brininger Enterprises since 1984. This company is recognized around the world for its superior cutlery and currently ranks as number three within the industry. In 2011, Brininger Enterprises recorded gross sales of over sixteen million dollars. From its gross sales, the company claimed net profits of four million dollars. Brininger Enterprises is quite proud of its performance. It realizes the company's financial records truly show this organization is doing something right. Brininger Enterprises conducts international business. It realizes there are sometimes different accounting guidelines that need to be followed when dealing on an international level. In essence, there are differences between U.S. and international GAAP. Which one of the following is NOT a factor that would influence the development of accounting and financial reporting?

Question

Scenario - Brininger Enterprises Rapid City, South Dakota has been home to Brininger Enterprises since 1984.  This company is recognized around the world for its superior cutlery and currently ranks as number three within the industry.  In 2011, Brininger Enterprises recorded gross sales of over sixteen million dollars.  From its gross sales, the company claimed net profits of four million dollars. Brininger Enterprises is quite proud of its performance.  It realizes the company's financial records truly show this organization is doing something right. Brininger Enterprises conducts international business. It realizes there are sometimes different accounting guidelines that need to be followed when dealing on an international level. In essence, there are differences between U.S. and international GAAP.  Which one of the following is NOT a factor that would influence the development of accounting and financial reporting?

Quizplus · Accepted Answer

While numbering systems may vary across different countries and cultures, they do not have a significant impact on the development of accounting and financial reporting. Factors such as sources of capital, inflation, culture, and legal systems can all influence accounting and financial reporting practices, particularly when operating on an international level.

Scenario - Brininger Enterprises Rapid City, South Dakota Has Been