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Question 1 (This question provides evidence against CILO 1) [25 Marks) Preparation of final accounts is governed by different Acts, Laws, Standards and Principles like Income tax law. Company Ad, Partnership Act, Accounting Standards (AS), Generally Accepted Accounting Principles (GAAP). Assess the difference between each type of organization on the basis of given aiteria. (24 marks) Criteria Partnership Limited Company Ownership and Management Source of capital Responsibility of liabilities Distribution of Profit or Loss Taxation Required legislation for preparing fina ACCOUNS Preparation of Financial Statements