Barry Bay runs a small contracting business that he operates as a corporation.He never had to borrow money, and he is the only shareholder.What is most likely to be the objective when preparing his financial statements?

Question

Quizplus · Accepted Answer

Since Barry Bay is the sole shareholder and has not borrowed money, his primary concern is likely to be minimizing taxes, as he does not need to present financial statements to external investors or creditors.

Barry Bay Runs a Small Contracting Business That He Operates