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Certificate in Accounting (Diploma pathway) Introductory Accounting (IAC) (2003 standards) SUGGESTED ANSWERS SECTION 1, Task 1.1 Debit Credit a Task 1.2 Account name Sales returns Sales ledger control
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What is iac?
IAC stands for Individual Activity Code.
Who is required to file iac?
All individuals conducting business activities are required to file iac.
How to fill out iac?
IAC can be filled out electronically or by submitting a paper form.
What is the purpose of iac?
The purpose of iac is to track and monitor individual business activities for regulatory purposes.
What information must be reported on iac?
IAC requires individuals to report details of their business activities, including income, expenses, and any relevant transactions.
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