Mr and Mrs K Urban are partners in Urban Ltd, a music shop with sales revenue of $5 000 000 per annum, total assets of $10 000 000 and employees totalling 15. Urban Ltd is:

Select one:

a. not a reporting entity because small proprietary companies are frequently not considered reporting entities.

b. a reporting entity because there are at least two users of a financial report.

c. likely to be a reporting entity because there are two shareholders and it is an exempt proprietary entity.

d. not likely to be a reporting entity because it is unlikely to have users dependent on its financial reports.