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Income Taxes
Taxes that individuals or entities pay on their income to federal, state, or local tax authorities.
Unrealized Intercompany Profits
Profits that arise from transactions between entities within the same group, which are not yet realized through sales to external parties.
Matching Principle
An accounting principle that expenses should be recorded in the period in which they are incurred to generate revenues, ensuring that financial statements accurately reflect a company's performance.
Unrealized Profits
Profits that have been earned but not yet realized through a transaction, such as an increase in value of an asset not yet sold.
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