Next are seven reasons for differences in accounting practices among countries. For each reason, at least two options are provided.

Required:
For each of the countries listed below, select the seven options that best describe that country. For instance, the United States can be described as common-law, different tax and financial reporting, more equity financing, low inflation, transparent, British ties, and a developed economy. You may wish to search the Internet to learn more about each country.
1. Austria
2.Australia

Reason 1Legal system 2. Options (a) Common-law (b) Code-law (a) Different tax and financial accounting rules (b) Similar tax and financial accounting rules (a) More equity financing (b) More debt financing (a) Low inflation (b) High inflation (a) Transparent (b) Secretive (a) British ties (b) German ties (c) Spanish ties Tax laws 3. Sources of financing 4. Inflation 5. Culture 6. Political and economic ties Economic development (a) Developed economy (b) Developing economy (c) Underdeveloped economy