The international accounting system is build on the concept(s)of ________.

Question

Quizplus · Accepted Answer

The international accounting system is based on the concept of residency, which means that the financial transactions of a company should be recorded based on the laws and regulations of the country where it operates, rather than the country of its citizenship. This is known as the "territorial principle" of accounting. Citizenship is not a relevant factor in determining how to record financial transactions in the international accounting system.

The International Accounting System Is Build on the Concept(s)of ________