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WAEC Financial Accounting 2013 Question 42

Question 42

Partnership Accounts

Which of the following relates to the essence of partnership? To

  1. A.run a charity organization.
  2. B.pursue a social objective.
  3. C.form a business for profit.
  4. D.run a religious objective.
Show the answer and explanation

Answer: C (form a business for profit.)

Explanation

A partnership is two or more people carrying on business together with a view to profit.