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What is happening in industry and in the wider community

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Question 1: Explain the following budget terminology.

1. Cost of goods sold.

2. Net profit before tax

3. Gross profit

4. Owners' equity

5. Assets

6. Liabilities

Question 2: It is necessary for every manager to be aware of what is happening in their industry and in the wider community that could impact on their budget. Where do they get this information and what help can they get to interpret it?

Question 3: Describe and explain the basic calculation used within direct labour (wage) budgets?

Reference no: EM132546226

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