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a. Fixed Assets are reported on the Balance Sheet. They therefore have no impact on the Income Statement / Profit & Loss Account. Critically

a. "Fixed Assets are reported on the Balance Sheet. They therefore have no impact on the Income Statement / Profit & Loss Account." Critically examine the accuracy of this statement. b. 1. ii. Explain the importance of the Operating Cycle to the individual business. What is Working Capital? Is it connected in any way with the Operating Cycle?

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