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Which of the following is the initial and most important step in the preparation of pro forma financial statements?

a. Estimate the levels of investment in current and fixed assets.

b. Determine the rate of interest that will be required for borrowed funds.

c. Approximate the cost of raw materials.

d. Project the firm's sales revenues for the planning period.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M947359

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