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Which accounting standard governs the preparation of financial statements for sole traders?

Practice Questions

1 question
Q1
Which accounting standard governs the preparation of financial statements for sole traders?
  1. IFRS
  2. GAAP
  3. IAS
  4. Both IFRS and GAAP

Questions & Step-by-step Solutions

1 item
Q
Q: Which accounting standard governs the preparation of financial statements for sole traders?
Solution: GAAP (Generally Accepted Accounting Principles) governs the preparation of financial statements for sole traders.
Steps: 0

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