Question 136:

• JAMB 1994

A distinguishing characteristics of a limited liability company is that it

A. Is a collection of many sole proprietors
B. Is a multiple partnership
C. Can sue and be sued
D. Has limited resources

Question 137:

• JAMB 1994

Which of the following takes place when firms producing at different stages in the same industry combine?

A. Conglomeration
B. Vertical integration
C. Horizontal integration
D. Cartel

Question 138:

• JAMB 1994

Which of the following groups is paid first when a firm liquidates?

A. Preference shareholders
B. Debenture holders
C. Ordinary shareholders
D. Cumulative preference shareholders

Question 139:

• JAMB 1994

Compulsory dissolution of a business can arise from

A. An agreement by the owners
B. A declaration by a court of law
C. The termination of its life
D. An unfavourable economic climtate

Question 140:

• JAMB 1994

What are fixtures and fittings in a balance sheet?

A. Liquid capital
B. Current assets
C. Fixed assets
D. Working capital