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Which of the following relates to the essence of partnership? To

Accounts - Principles of Accounts
WAEC 2013

Which of the following relates to the essence of partnership? To

  • A. run a charity organization
  • B. pursue a social objective
  • C. form a business for profit
  • D. run a religious objective
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Correct Answer: Option C
Explanation

The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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