14. Which of the following terms is used to describe the combining of the financial statements of all subsidiaries, both foreign and domestic, into the financial statements of the parent? (1 Point) Convergence Hedging Incorporation Consolidation 3. Which of the following statements is true about the comparability of financial statement of the United States and the United Kingdom? (1 Point) The result of Latin American colonialism is the large number of countries with the United Kingdom's influence on their accounting practices. The accounting practices of both the countries are oriented toward the decision needs of a large number of investors and creditors: The financial statements of companies in the United States and the United Kingdom are comparable as they are prepared after adjusting inflation, which is a critical factor affecting accounting practice. The basic principle followed by both countries in preparing financial statements is government economics and government tax and legal framework