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MATCHING
Match each term with the correct statement below.
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Consolidated Financial Statements
Financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as if they were a single economic entity.
Common Law
A legal system based on customs and court rulings rather than written laws.
Invisible Differences
Discrepancies or variances that are not directly observable or tangible but affect the valuation or perception of assets and liabilities.
International Financial Reporting Standards
Global accounting principles that guide the preparation of financial statements by companies, aiming to increase comparability and transparency across international boundaries.
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