FOREIGN CURRENCY TRANSLATION Definition

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FOREIGN CURRENCY TRANSLATION is the process of restating foreign currency accounts of subsidiaries into the reporting currency of the parent company in order to prepare consolidated financial statements in the native currency of the parent company.

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OVER-BILLING is invoicing in excess of agreed upon pricing or exaggerating the amount of services or goods provided (sometimes illegally).

SUNDRY CREDITORS refers to companies or individuals to which money is owed.

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