can you infer? The notes in the margins show some inferences that can be drawn from the first paragraph. Look at the other numbered items (4-8). Complete each sentence with the inferen 8. Read the following passage. What information is stated directly? What additional information that you draw. Then discuss your inferences with another student. ACCOUNTING IN CONTEXT 1(Modern accounting developed during the Italian Renaissance Some Itolion cities besides Venice and hod trade dthers carried it to ensure predictable business practices. But that during the is not to say that all such trading partners were willing to manage Renaissance. their accounts in the Italian way, (2) Financial and legal systems and gradually insinuated itself wherever Venetians, Genoans, or In some places, local traditions stoyedin lonsead despite rich a r varied in significant ways and were deeply rooted, not easily altered suit foreign merchants, no matter how rich they were. And even in the 15h century, there were technological breakthroughs printing press, various advances in sailing sear) that )at least in relative terms-changed the economic game and encouraged the spread of two main types of accounting code-hot seemedferenc in the 15 would not seem Try canno The influence of the based accounting and common law accounting 2 4) Common law, or case law, had developed in Britain during Empire cousedthe 11 and 12e centuries It was refined as trade increased during the Renaissance; later systems in colonies throughout the British In common low Empire fell under the common law heading, (5) Accounting practices under common law emphasized adherence to voluntary 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 can be adapted to changing economic conditions with relative ease These common law attributes are still lound in the accounting practices of such former British colonies or dependencies as the United States, Australia, and India. (6) India, as it grows, is likely to beneit greatly from the common law framework; typically, as labor economies transition into service economies, they need the flexibility that common law accounting provides-as opposed to the more rigid procedures of a code-based system. company that doesn't follow punished by neservice eco A present, India's Mer oid Wer OSE 3 The formation of a modern accounting system isn't always such a gradual process, and common law systems aren't always the result. After World War II, the United States worked to establish an American-style accounting system in Japan. (7) Within only a couple of decades, many aspects of the system took hold, and today Japan has a hybrid accounting system. It has been heavily inluenced by US common law but also by prior experience with German code law and (8) a credit-focused financial system After World War l Japan considered American The Jopanese tendency toward some secrecy in that is not inclined toward disclosures. While both India and the credit system Japan went through rapid and occasionally turbulent periods of hod its origins in modernization, each managed to create a system of accounting that proctices to be suited its needs Go to MyEnglishLab to complete a vocabulary exercise and skill practice, and to join in collaborative activties can you infer? The notes in the margins show some inferences that can be drawn from the first paragraph. Look at the other numbered items (4-8). Complete each sentence with the inferen 8. Read the following passage. What information is stated directly? What additional information that you draw. Then discuss your inferences with another student. ACCOUNTING IN CONTEXT 1(Modern accounting developed during the Italian Renaissance Some Itolion cities besides Venice and hod trade dthers carried it to ensure predictable business practices. But that during the is not to say that all such trading partners were willing to manage Renaissance. their accounts in the Italian way, (2) Financial and legal systems and gradually insinuated itself wherever Venetians, Genoans, or In some places, local traditions stoyedin lonsead despite rich a r varied in significant ways and were deeply rooted, not easily altered suit foreign merchants, no matter how rich they were. And even in the 15h century, there were technological breakthroughs printing press, various advances in sailing sear) that )at least in relative terms-changed the economic game and encouraged the spread of two main types of accounting code-hot seemedferenc in the 15 would not seem Try canno The influence of the based accounting and common law accounting 2 4) Common law, or case law, had developed in Britain during Empire cousedthe 11 and 12e centuries It was refined as trade increased during the Renaissance; later systems in colonies throughout the British In common low Empire fell under the common law heading, (5) Accounting practices under common law emphasized adherence to voluntary 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 can be adapted to changing economic conditions with relative ease These common law attributes are still lound in the accounting practices of such former British colonies or dependencies as the United States, Australia, and India. (6) India, as it grows, is likely to beneit greatly from the common law framework; typically, as labor economies transition into service economies, they need the flexibility that common law accounting provides-as opposed to the more rigid procedures of a code-based system. company that doesn't follow punished by neservice eco A present, India's Mer oid Wer OSE 3 The formation of a modern accounting system isn't always such a gradual process, and common law systems aren't always the result. After World War II, the United States worked to establish an American-style accounting system in Japan. (7) Within only a couple of decades, many aspects of the system took hold, and today Japan has a hybrid accounting system. It has been heavily inluenced by US common law but also by prior experience with German code law and (8) a credit-focused financial system After World War l Japan considered American The Jopanese tendency toward some secrecy in that is not inclined toward disclosures. While both India and the credit system Japan went through rapid and occasionally turbulent periods of hod its origins in modernization, each managed to create a system of accounting that proctices to be suited its needs Go to MyEnglishLab to complete a vocabulary exercise and skill practice, and to join in collaborative activties