- 1 Marks
Question
Farmers usually operate as …………………, in which case they keep incomplete records.
Answer
Sole Proprietors
Explanation:
Farmers typically operate as Sole Proprietors, meaning they manage and own their farms individually. This often results in informal or incomplete record-keeping practices, which present specific challenges for auditors in verifying financial accuracy.
- Tags: Audit Procedures, Farmers, Incomplete Records, Small Business, Specialized Industries
- Level: Level 3
- Topic: Audit of Specialized Industries
- Series: NOV 2013
- Uploader: Dotse