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JAMB Principles of Accounts 2010 Question 41

Question 41

Partnership Accounts

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

  1. A.memorandum
  2. B.bye-law
  3. C.deed
  4. D.financial regulation.
Show the answer and explanation

Answer: C (deed)

Explanation

The partnership deed sets out the partners' rights, duties and profit-sharing.