Your Uncle owns a business as a sole proprietor in Accra. In a recent workshop that he attended, the participants were advised to prepare financial statements to enable them monitor their business performance and financial position. Your Uncle does not understand financial statements and have asked you for explanation. REQUIRED: Write a letter to your Uncle explaining financial statements and with reference to the definition of financial accounting explain what he should do before he can prepare financial statements:

Note: Your answer should not be more than one page(typed) or 2 pages( hand written)

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