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The coming together of two sole trading businesses to form a partnership is

Accounts - Principles of Accounts
JAMB 2024

The coming together of two sole trading businesses to form a partnership is

  • A. combination
  • B. acquisition
  • C. amalgamation
  • D. association
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option C
Explanation

Amalgamation specifically describes the merging of two or more businesses into a single entity. In this case, the two sole trading businesses would combine their assets, liabilities, and operations to form a new partnership.

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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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