B60. RA 9298 is officially known as A. The Revised Accountancy Act. B. The Revised Accountancy Law. C. The Philippine Accountancy Act of 2004. D. The Accountancy Law of the Philippines, 2007

2.Explain the environmental factors that lead to national differences in accounting.   3.What are the two main legal systems operating worldwide? How might these affect accounting?   Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples.   5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems?   6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption.   7.Explain the bene­fits of global adoption of IFRSs.   8. Outline the key challenges of US GAAP and IFRS convergence.

The main law that guides trade and commercial transactions in the United States is: O The Tariffs and Trade Agreement O The Department of Commerce Rule Book O The Uniform Commercial Code O The Dodd-Frank Act

Identify each transaction by whether it belongs in the US current account or financial account: The central bank of China collects interest payments on US government securities that it had previously bought. O Financial Account O Current Account

Please state in not less than five (5) sentences, your own insight in the importance of a negotiable instrument in the Philippines.

Identify and describe the key features of federalism in the Australian legal system. In your answer refer to two examples of laws that demonstrate federalism. Evaluate how federalism effects the commercial activities of Australian businesses.

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