Sole traders are required by law to keep a full set of double-entry books. True/False?
Question:
Sole traders are required by law to keep a full set of double-entry books. True/False?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
False While it is generally recommended for businesses including sole traders to maintain a full set ...View the full answer
Answered By
Deepak Sharma
0.00
0 Reviews
10+ Question Solved
Related Book For
Cambridge International AS And A Level Accounting
ISBN: 9781444181432
1st Edition
Authors: Ian Harrison
Question Posted:
Students also viewed these Business questions
-
You are an arbitrager active in the market for oil. Suppose that the current price of oil is $60 per barrel, your cost of borrowing is 3% annually and your cost of storing oil runs at $1.30 per...
-
On July 1, 2017, Soner Co. purchased a delivery truck for $324,000. At the time, the truck was estimated to have a useful life of eight years and a residual value of $36,000. On March 1, 2022, the...
-
Throughout this course you have been presented with examples from Apple and other companies and how they have exploited the total integration of their brand from product design to branding,...
-
How important it is to educate ourselves environmental issues impacting the future of tourism i.e., climate change The COVID-19 pandemic has changed the tourism industry forever and will impact our...
-
The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2014. Its inventory on that date was $160,000. On December 31, 2014, the inventory at prices existing on that date amounted to...
-
The file S02_03.xlsx contains data from a survey of 399 people regarding a government environmental policy. a. Create a crosstabs and an associated column chart for Gender versus Opinion. Express the...
-
The rise of portable electronic devices such as laptops and smart phones is made possible in part by the availability of lithium ion battery technology. Unfortunately, in some cases these batteries...
-
Consider the following time series data Using the nave method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: a. Mean absolute error b....
-
a) i] Define the term management? [1 marks] ii] Managers must have specific skills and play certain roles in organizations if they are to inspire employees to meet organizational objectives; explain...
-
Cash received from credit customers during the year is credited to the trade receivables adjustment account. True/False?
-
A sole trader has limited liability. True/False?
-
You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired? If you...
-
Prepare the journal entries to record the first and second interest payments on November 1, 2023, and May 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not...
-
You have just been appointed to the board of a small dedicated emerging market asset manager with total assets under management (AUMs) of GBP250 million pounds, Tiger Investment Management, which...
-
1) The image shows a completed schedule C using the cash method.Complete schedule C using the ACCRUAL method. 2) Are there any differences between the 2018 and 2019forms? SCHEDULE C (Form 1040)...
-
Assets Cash Accounts receivable Inventory Plant and equipment, net Joel de Paris, Incorporated Balance Sheet Beginning Balance $ 135,000 342,000 Ending Balance $ 135,000 485,000 Investment in...
-
Brae Industries Inc. purchased a machine on January 2, 2020, with a cost of $175,000, with an expected useful life of five (5) years, and an estimated salvage value of $8,000. Brae depreciates all...
-
Find the best predicted number of burglaries for Ohio State, which had an enrollment of 51,800 students. Is the predicted value close to 329, which was the actual number of burglaries? Find the...
-
In 1995 Miguel purchased a home for $130,000. In 2000 he sold it for $170,000 and immediately purchased another one for $180,000, which he sold in 2007 for $235,000. How much taxable capital gain, if...
-
What is meant by the break-even point and how may it be calculated?
-
What is the connection between a key factor and a limiting factor?
-
Calculate contribution from the following information: selling price per unit $65; variable costs per unit $38; fixed costs per unit $12.
-
All-4-1 Corporation manufactured 54,000 door jambs during September. The fixed-overhead cost allocation rate is $50.00 per machine-hour. The following fixed overhead data pertain to September:...
-
Direct costs Service Department A $114,400 Service Department B 76,400 Producing Department C 22,400 Producing Department D 28,200 Proportion of service by A to: BCD 10% 60% 30% Proportion of service...
-
Next, you intend to account for the following December 2023 transactions: Cash sales of baking classes hosted in December totaled $9,600. Cost of goods sold totaled $4,320. Beginning in December,...
Study smarter with the SolutionInn App