Choose the one word or phrase that best completes the sentence and fill in the appropriate answer above.
1-
Commercial, financial and taxation accounting rules ......... their own purposes and, as a consequence, differences in the results should be expected and accepted.
A -
control
B -
guide
C -
protect
D -
serve
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.
A -
a given
B -
an account
C -
an economic
D -
an isolated
3-
The rules are intended to protect the rights of shareholders and creditors and, as a consequence, the ......... principle occupies an important place.
A -
continence
B -
diligence
C -
prudence
D -
temperance
4-
Financial accounting and reporting rules are part of a country's capital ......... regulations.
A -
acquisition
B -
asset
C -
gains
D -
market
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 '.........'.
A -
fair play
B -
fair position
C -
fair presentation
D -
fair projection
6-
Other important rules in this respect are 'substance over form', 'market value measurement', and the factual prohibition of hidden ..........
A -
reserves
B -
reservoirs
C -
returns
D -
revenues
7-
Taxation rules are used to determine taxable profits, and their objective is to define the tax liability of enterprises to the ..........
A -
Country
B -
Nation
C -
Precinct
D -
State
8-
The rules must be susceptible to ......... by taxpayers and control and enforcement by tax authorities.
A -
comparison
B -
complaints
C -
complaisance
D -
compliance
9-
Taxation rules for companies are usually designed to preserve economic neutrality, so that business decisions are not ......... influenced by fiscal measures.
A -
unduly
B -
unilaterally
C -
usually
D -
utterly
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.