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Question - The following information was extracted from the financial records of Goss Ltd for the year ended 30 June 2019:
Cash Sales $30,000
Credit Sales 180,000
Accounts receivable at start of year 20,000
Accounts receivable at end of year 30,000
Cost of Sales 130,000
If there are 365 trading days per year, calculate for the managing director the number of days that accounts receivable are outstanding at 30 June 2019.
A) 61 days.
B) 51 days.
C) 114 days.
D) 43 days.
Acknowledged a wider range for users of financial reports. is the IASB justified in focusing purely on the needs of financiers for financial information?
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