Which of the following statements is false regarding the reasons for differing accounting systems around the world?
A) Countries that have strong political and economic ties often share similar accounting
Practices.
B) Canada and Mexico, two former British colonies, can trace their accounting roots to those found in the United Kingdom.
C) The state of economic development typically mirrors the development stage of accounting rules in countries.
D) In some less-developed countries of the world, where the forces of capitalism are less prevalent, accounting standards have developed at a much slower pace than they have in more advanced economies.

Question

Quizplus · Accepted Answer

Canada was not a former British colony; it was a part of the British Empire but was originally colonized by France and Britain. Mexico was a Spanish colony, not a British one, so its accounting roots cannot be traced back to the United Kingdom.

Which of the Following Statements Is False Regarding the Reasons