Financial statements-type of businesses

Reference no: EM13331579

You have financial statements of the following type of businesses;

1) “Ferrari auto services” an automotive repairbusiness owned by Mr. Amir, an experienced auto mechanic.

(2) “Rainbow graphics” a graphic art designing consultingpartnership firm owned by Mr. Adnan and Mr. Sami

(3) The “XenLtd” a manufacturing concern operating for last ten yearin the region.

Despite of the facts that above businesses are legally differentfrom each other, discuss how and why accounting treats themalike?

Reference no: EM13331579

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