The entity that is under no legal requirement to prepare a balance sheet is a:
A) company.
B) not-for-profit business.
C) sole trader.
D) partnership.

Question

Quizplus · Accepted Answer

Sole traders are not under the same legal requirements to prepare a balance sheet as companies, not-for-profit businesses, and partnerships might be, due to the less formal and regulated nature of sole proprietorships.

The Entity That Is Under No Legal Requirement to Prepare