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Chapter 8 Financial statements – Part A Learning objectives
In this chapter you will learn to: ■ ■ ■
■ ■ ■
explain the advantages and disadvantages of operating as a sole trader 5.1 explain the importance of preparing income statements 5.1 explain the difference between a trading business and a service business 5.1 prepare income statements for trading businesses and for service businesses 5.1 make adjustments for goods taken by the owner for own use 5.1 balance ledger accounts as required and make transfers to financial statements. 2.1
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