Examlex
What is the application of the reporting entity concept to consolidation accounting?
Intercompany Sale
Transactions that occur between two entities within the same corporate group, which are eliminated during consolidation to avoid double-counting in financial statements.
Mark-Up
An amount added to the cost price of goods to cover overhead and profit.
Impairment Loss
The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, necessitating a write-down.
Effective Tax Rate
The average rate at which an individual or corporation is taxed, calculated by dividing the total taxes paid by the taxable income.
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