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Answered but misspelled pl correct
accounting measures past performanceof the business
entityand depicts the current financial position
(Ans.MMEEEASURNT)
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Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
