Types of Businesses |

Syllabus:
1. The scope and purpose of, financial
statements for external reporting
a) Define financial reporting - recording,
analysing and summarising financial
data.[K]
b) Identify and define types of business
entity - sole trader, partnership, limited
liability company.[K]
c) Recognise the legal differences
between a sole trader, partnership and a
limited liability company.[K]
d) Identify the advantages and
disadvantages of operating as a limited
liability company, sole trader or
partnership.[K]
e) Understand the nature, principles and
scope of financial reporting.[K]