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In: AccountingStandard Industry Classifications, How are you doingcompared to others?Please do not define SIC CODES...Standard Industry Classifications, How are you doingcompared to others?Please do not define SIC CODES OR ACCOUNTS RECEIVABLE as Ialready know what that is. Question 1 is the question. AND PLEASELIST REFERENCES!!!AND PLEASE LIST REFERENCES!!!AND PLEASE LIST REFERENCES!!!Standard Industry Classification codes (SIC) are used forfinancial statement “benchmarks” analysis. Your company’s financialresults would need to be compared to others. SICs provide theformat to compare a particular company’s financial data to theirrespective SIC-industry averages.1. Explain how you would use SIC codes to analyze aCompany Xs Accounts Receivable Turnover of four times per yearversus a SIC rate of eight times per year.