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Exam (elaborations)

ACCA F3 (Chapter 2 Study Guide Solutions

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ACCA F3 (Chapter 2 Study Guide Solutions financial reporting - ANSWERis a way of recording, analysing and summarising financial data financial data - ANSWERsales of goods, purchases of goods, payment of goods Sole trader - ANSWERbusiness owned and operated by one person, perhaps employing one or...

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  • October 28, 2024
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  • 2024/2025
  • Exam (elaborations)
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ACCA F3 (Chapter 2 Study Guide Solutions


financial reporting - ANSWER✔✔is a way of recording, analysing and summarising financial data


financial data - ANSWER✔✔sales of goods, purchases of goods, payment of goods


Sole trader - ANSWER✔✔business owned and operated by one person, perhaps employing one or two

assistants




In law sole trader is not legally separate from business they operate




A sole trader must maintain financial records and produce financial accounts. However, there is no legal


requirement to make these accounts publicly available; they are usually only used to calculate the tax


due to the tax authorities on the profits of the business. Banks and other financiers may request to see


the financial accounts of the business when considering applications for loans and overdraft facilities.


Financial reporting is only carried out by large quoted companies.



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