BUSINESS COMBINATION Definition

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BUSINESS COMBINATION is the merger of separate entities or operations of entities into one reporting entity.

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FSA has several possible meanings, e.g. Flexible Spending Account (employee benefit offered by some companies) or Funding Standard Account.

INDEPENDENT AUDIT is an examination of financial statements conducted by an outside CPA (one not employed by the firm being examined) according to generally accepted auditing standards (GAAS) for the purpose of expressing an opinion as to whether the statements are a fair presentation in accordance with generally accepted accounting principles (GAAP).

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