The Difference Between the Financial Statements of a Sole Trader

question 32

Multiple Choice

The difference between the financial statements of a sole trader and a partnership is

• A)there is no difference
• B)sole trader financial statements are more complex
• C)partnership balance sheets have more than one capital account
• D)partnership financial statements must be prepared according to the AASB accounting standards

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Definitions:

Economically Viable

The ability of a project or business to generate a profit or sufficient benefits to cover its expenses and provide a return on investment.

Barrel Of Oil

A standard measure of crude oil and petroleum products equivalent to 42 U.S. gallons.

U.S. Electricity Generation

U.S. Electricity Generation denotes the process and methods used in the United States to produce electricity, including coal, natural gas, nuclear, and renewable energy sources.

Energy Information Administration

A U.S. Government agency responsible for collecting, analyzing, and disseminating energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.