Which of the following businesses is likely to be a reporting entity?Question 5Answera.A listed company.b.A fish & chips shop.c.A local grocery shop.d.A local newsagency.
Question
Which of the following businesses is likely to be a reporting entity?Question 5Answera.A listed company.b.A fish & chips shop.c.A local grocery shop.d.A local newsagency.
Solution
The business that is likely to be a reporting entity among the options provided is:
a. A listed company.
Here's why:
A reporting entity is a business that has obligations under the financial reporting standards to prepare financial reports. These are typically larger, public companies that have a wider group of stakeholders.
a. A listed company: This is likely to be a reporting entity because it is publicly traded and has a responsibility to provide financial information to its shareholders and the public.
b. A fish & chips shop: This is less likely
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