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WAEC Financial Accounting 2015 Question 39

Question 39

Company Accounts

The document which sets out the internal arrangement for the proper management of a company is the

  1. A.prospectus
  2. B.article of association.
  3. C.memorandum of association.
  4. D.certificate of incorporation.
Show the answer and explanation

Answer: B (article of association.)

Explanation

The articles of association are the internal rules of a company; the memorandum governs its dealings with outsiders.