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A set of rules and procedures guiding the operations of a partnership is called partnership

Accounts - Principles of Accounts
WAEC 2022

A set of rules and procedures guiding the operations of a partnership is called partnership

  • A. code
  • B. business
  • C. seal
  • D. deed
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Correct Answer: Option D
Explanation

Partnership deed is a document drawn up by partners, which contains the rules and regulations guiding the business. It is also a document, which will clarify the respective positions and duties of the partners in a business.


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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts