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Factor the trinomial, if possible.
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Deferred Taxes
Taxes that are owed but not yet paid, arising from temporary differences between accounting and tax treatments of income and expenses.
Retrospective Adjustment
A change applied to the accounting records of prior periods to correct an error or implement a change in accounting principle.
Cumulative Effect
The aggregate impact of an accounting change or policy on a company's financial statements over time.
Average Cost
A method for inventory and cost of goods sold valuation, calculated by dividing the total cost by the number of items.
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