B. Read the following passage. What information is stated directly? What additional info Ac can you infer? The notes in the margins show some inferences that can be drawn from the paragraph. Look at the other numbered items (4-8). Complete each sentence with the infee that you draw. Then discuss your inferences with another student. from ACCOUNTING IN CONTEXT Some Nalion cities besides1 ) Modern accounting developed during the Italian Renaissance Venice andand gradually insinuated itself wherever Venetians, Genoans, or hod rode others carried it to ensure predictable business practices. But that during the is not to say that all such trading partners were willing to manage their accounts in the Italian way.2) Financial and legal systems y someth Renoissonce some place varied in significant ways and were deeply rooted, not easily alteredspeettodtons despite rich a reader may to suit foreign merchants, ho matter how rich they were. And ily.the infl even in the 15 century, there were technological breakthroughs printing press, various advances in sailing gear) that and encouraged the spread of two main types of acountingthd arences from rapidly- based accounting and common law accounting at least in relative terms-changed the economic gameDeelopmentsbe d code- would not seem The infuence of 2 4 Common law, or case law, had developed in Britain duringfast now the the 11h and 12 centuries It was refined as trade increased during dcsthe Renaissance; later systems in colonies throughout the British Empire coused the 11h and 12 Empire fell under the common law heading (5) Accounting n common low occounting practices under common law emphasied adherence to voluntary company thot conventions of transparency and accuracy. Peer pressure and potential public shame played a great role. Common law is comparatively flexible, so accounting systems based in it carn doesn't follow the rules is punished by be adapted to changing economic conditions with relative ease. practices of such former British colonies or dependencies as the United States, Australia, and India (6) India, as it grows, is likely labor economies transition into service economies, they need the These common law atuributes are still found in the accounting t present Indies to benefit greatly from the common law framework; typically, as economys flexibility that common law accounting provides-as opposed to the more rigid procedures of a code-based system The formation of a modern accounting system isn't always such a gradual process, and common law systems aren't always the be passage a inte guesses 3 result. After World War II, the United States worked to establish an American-syle accounting system in Japan () Within onlypon considerd fter World War i a couple of decades, many aspects of the system took hold, and Japon consideredTHE THE Americon occounting practices to be today Japan has a hybrid accounting system. It has been heavily tendency toward with German code law and (8) a credit-locused financial system the credit system Japan went through rapid and occasionally turbulent periods of RESEA The japanese influenced by US common law but also by prior experience some secrecy in that is not inclined toward disclosures. While both India and aced to thi orgns modernization, each managed to create a system of accounting that suited its needs Go toMyEngishLab to complete a vocabulary exercise and sil pactice, and to join in colaborative acivilest bey 60 ECONOMICS PART 2 B. Read the following passage. What information is stated directly? What additional info Ac can you infer? The notes in the margins show some inferences that can be drawn from the paragraph. Look at the other numbered items (4-8). Complete each sentence with the infee that you draw. Then discuss your inferences with another student. from ACCOUNTING IN CONTEXT Some Nalion cities besides1 ) Modern accounting developed during the Italian Renaissance Venice andand gradually insinuated itself wherever Venetians, Genoans, or hod rode others carried it to ensure predictable business practices. But that during the is not to say that all such trading partners were willing to manage their accounts in the Italian way.2) Financial and legal systems y someth Renoissonce some place varied in significant ways and were deeply rooted, not easily alteredspeettodtons despite rich a reader may to suit foreign merchants, ho matter how rich they were. And ily.the infl even in the 15 century, there were technological breakthroughs printing press, various advances in sailing gear) that and encouraged the spread of two main types of acountingthd arences from rapidly- based accounting and common law accounting at least in relative terms-changed the economic gameDeelopmentsbe d code- would not seem The infuence of 2 4 Common law, or case law, had developed in Britain duringfast now the the 11h and 12 centuries It was refined as trade increased during dcsthe Renaissance; later systems in colonies throughout the British Empire coused the 11h and 12 Empire fell under the common law heading (5) Accounting n common low occounting practices under common law emphasied adherence to voluntary company thot conventions of transparency and accuracy. Peer pressure and potential public shame played a great role. Common law is comparatively flexible, so accounting systems based in it carn doesn't follow the rules is punished by be adapted to changing economic conditions with relative ease. practices of such former British colonies or dependencies as the United States, Australia, and India (6) India, as it grows, is likely labor economies transition into service economies, they need the These common law atuributes are still found in the accounting t present Indies to benefit greatly from the common law framework; typically, as economys flexibility that common law accounting provides-as opposed to the more rigid procedures of a code-based system The formation of a modern accounting system isn't always such a gradual process, and common law systems aren't always the be passage a inte guesses 3 result. After World War II, the United States worked to establish an American-syle accounting system in Japan () Within onlypon considerd fter World War i a couple of decades, many aspects of the system took hold, and Japon consideredTHE THE Americon occounting practices to be today Japan has a hybrid accounting system. It has been heavily tendency toward with German code law and (8) a credit-locused financial system the credit system Japan went through rapid and occasionally turbulent periods of RESEA The japanese influenced by US common law but also by prior experience some secrecy in that is not inclined toward disclosures. While both India and aced to thi orgns modernization, each managed to create a system of accounting that suited its needs Go toMyEngishLab to complete a vocabulary exercise and sil pactice, and to join in colaborative acivilest bey 60 ECONOMICS PART 2