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...
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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