What Term Is Used to Describe Combining the Financial Statements

question 30

Multiple Choice

What term is used to describe combining the financial statements of all subsidiaries,both foreign and domestic,into the financial statements of the parent?

• A)Convergence
• B)Hedging
• C)Consolidation
• D)Incorporation

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Definitions:

Nonconforming Goods

Products or goods delivered under a contract that do not meet the specifications or standards agreed upon.

No Further Obligation

A term indicating that a party has no continuing responsibility or duty under a contract or agreement.

Commercial Unit

A unit of goods that is regarded as a single whole for purposes of transaction and assessment, often used in the context of sales and commercial law.

Commercial Usage

The habitual practices and norms that are recognized and enforced among businesses in specific industries.