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 A partner who has not contributed any form of capital into the firm but only...

Accounts - Principles of Accounts
WAEC 2024

 A partner who has not contributed any form of capital into the firm but only lends his name to be used as a partner is a 

  • A. limited partner.
  • B. dormant partner.
  • C. general partner.
  • D. nominal partner.  
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Correct Answer: Option D
Explanation

The nominal partner is the partner that only allows his/her name to be used as goodwill in the business.

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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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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now