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Which section of the authoritative guidance should magic use

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Reference no: EM132998190

Problem 1: Magic Co.'s accounting department is implementing a new general ledger software package. The system provides definitions that enable it to automatically segregate between current and noncurrent assets. The company has no clearly defined its operating cycle. Which section of the authoritative guidance should Magic use to determine the appropriate time period to use as a basis for classifying current assets?

Reference no: EM132998190

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