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Review the three limitations of accounting data in the chapter and provide a specific action...

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Accounting

Review the three limitations of accounting data in the chapter and provide a specific action a company could take to address each limitation. Please be specific.

1. All accounting data are historical and thus backward-looking.

2. Accounting data do not consider off-balance sheet items.

3. Accounting data focus mainly on tangible assets which are no longer the most important.

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