Formation of partnership - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2010

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

A. Memorandum
B. Bye-law
C. Deed
D. Financial regulation

Question 7:

• JAMB 2011

The major point of agreement carried by the partnership deed is?

A. 5% interest annum on any loan
B. An oral agreement among the partners
C. Method of inhertance by the partners' children
D. The profit and loss sharing ratio of the partners

Question 8:

• JAMB 2013

A partnership's internal regulations are set out by

A. A deed
B. A law
C. A constitution
D. An article

Question 9:

• JAMB 2014

In the absence of a partnership deed, the act stipulates that

A. An amount should be fixed as salary for partners
B. Interest on partners loan should be 25%
C. Interest should not be allowed on partners drawings
D. Profits and losses should not be shared equally

Question 10:

• JAMB 2018

A partnership deed is used to____________

A. Promote mutual understanding
B. Enhance mistrust
C. Encourage discrepancy
D. Control funds