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EnglandAccountingQuick questions
3.1 Financial accounting
Quick questions on Types of business organisation: sole trader, partnership, company and not-for-profit - AQA A-Level Accounting
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
State the term for the owners' collective stake in a not-for-profit club. [1 mark] The accumulated fund.
What is q2?Show answer
Explain one effect of incorporation on the way a business's equity is reported. [3 marks] Incorporation makes the company a separate legal person whose equity is split into share capital and reserves (rather than one capital figure), so external users can distinguish the capital subscribed by shareholders from the profit retained in the business.
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