Which of the following is a strong feature of partnership?
The life of the partnership is generally assumed to be indefinite
The owners are liable personally for all debts of the business
The transfer of ownership interest is frequent and easy to accomplish
The partnership is complex to form because of many legal and reporting requirements
Correct answer is B
No explanation has been provided for this answer.
Current asset
Current liability
Capital
Profit
Correct answer is B
No explanation has been provided for this answer.
Appropriation account
Balance sheet
Income and expenditure account
Receipts and payment account
Correct answer is C
No explanation has been provided for this answer.
Credited to the income and expenditure account and shown as a liability in the balance sheet
Debited to the income and expenditure account and shown as an asset in the balance sheet
Credited to the income and expenditure account and shown as a liability in the balance sheet
Debited to the income and expenditure account and shown as a liability in the balance sheet
Correct answer is B
No explanation has been provided for this answer.
N85,000
N80,000
N70,000
N65,000
Correct answer is D
No explanation has been provided for this answer.