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A Person from the U

question 351

Multiple Choice

A person from the U.S. deposits $10,000 in an account in a London bank. In the U.S. balance of payments, this transaction causes the balance on the _____ account to _____.


Definitions:

Consolidation

Consolidation refers to the process of combining the financial statements of separate business entities, typically parent and subsidiary companies, into a single financial statement.

AASB 3

is an Australian accounting standard that specifies the procedures for accounting and reporting business combinations.

Business Combination

A transaction or other event in which an acquirer gains control over one or more businesses.

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