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When the “average” is not specified and both opening capital employed and closing capital employed are provided,
shall we take the average capital employed (Opening Capital Employed + Closing Capital Employed) or only the Closing Capital Employed in the calculation of ROCE during the exam?
Never just the closing CE.
One method is opening and another is average CE.
AVERAGE CE seems a little more common
1/2 × (Opening CE + Closing CE)
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