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WAEC Financial Accounting 2021 Question 39

Question 39

Partnership Accounts

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

  1. A.general partner
  2. B.sleeping partner.
  3. C.quasi partner.
  4. D.limited partner.
Show the answer and explanation

Answer: A (general partner)

Explanation

A general partner takes part in management and has unlimited liability.