
SS2 FINANCIAL ACCOUNTING
Authored by Maryam Ibrahim
Business
11th Grade
Used 1+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership is a business owned by:
One person
Shareholders
Two or more persons
The government
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The agreement that binds partners is called:
Constitution
Company policy
Partnership deed
Account book
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a partnership, profits and losses are usually:
Paid to creditors
Shared equally with all employees
Shared among partners as agreed
Not distributed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partner who does not take active part in business is called:
Managing partner
General partner
Sleeping partner
Active partner
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If partner A invests ₦40,000 and partner B invests ₦60,000, what is A's share in a profit of ₦10,000?
₦6,000
₦3,000
₦4,000
₦7,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dissolution of partnership means:
Transfer of capital
Appointment of new partners
End of the business relationship among partners
Change in product line
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership may be dissolved by:
External audit
Customer request
Agreement of the partners
Annual report
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