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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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IAC stands for Individual Activity Code.
All individuals conducting business activities are required to file iac.
IAC can be filled out electronically or by submitting a paper form.
The purpose of iac is to track and monitor individual business activities for regulatory purposes.
IAC requires individuals to report details of their business activities, including income, expenses, and any relevant transactions.
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