Different Business Types

Question 1

What financial reports are needed to be produced for a sole trader

Answer 1

Income statement and statement of financial position

Question 2

What financial reports are needed to be produced for a partnership

Answer 2

Income statement, appropriate account (distribution of profits) based on partnership agreement, statement of financial position

Question 3

What financial reports are needed to be produced for a private limited company

Answer 3

Income statement, statement of financial position, statement of changes in equity, cashflow statement, notes to account -> schedule of non current assets

Question 4

What financial reports are needed to be produced for a public limited company

Answer 4

Income statement, statement of financial position, statement of changes in equity, cashflow statement, notes to accounts (shorter than ltd)