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1. The owner of a small software company felt accounting system was useless. He stated 'Accounting systems only generate historical costs. Historical costs are useless

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1. The owner of a small software company felt accounting system was useless. He stated 'Accounting systems only generate historical costs. Historical costs are useless in my business because everything changes so rapidly.\" a. Are historical costs useless in rapidly changing environments? Should accounting systems be limited to historical costs

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