Match the Appropriate Terms in the Left Column to the Definitions

question 33

Essay

Match the appropriate terms in the left column to the definitions in the right column.

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Definitions:

IFRS Accounting

The practice of maintaining financial records and reporting financial results in accordance with the International Financial Reporting Standards.

U.S.GAAP

U.S.GAAP (United States Generally Accepted Accounting Principles) comprises a broad set of accounting standards developed by the Financial Accounting Standards Board (FASB) used for preparing financial statements in the U.S.

Contingencies

Potential liabilities or gains that may occur in the future, dependent on the outcome of a specific event.

Federal Income Tax

Federal Income Tax is the tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.