Rafiq owns a retail business. When the business was launched a few years ago, Rafiq kept only very limited accounting records.
(a)[2]
State two reasons why the owner of a business might keep minimal accounting records.
(b)[4]
Identify four advantages of maintaining full accounting records.
(d)[14]
Prepare the income statement for the year ending 31 December 2021.
(e)[7]
Advise Rafiq on which option he should select. Justify your response by discussing the financial and non-financial issues of each option.
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