ACC311
Question: The following are the features of a private company EXCEPT..
Answer: The private company end their names with the word \
Question: Where no partnership agreement is expressly stated interest on loan should be
Answer: 5% interest on the loan
Question: The following are factors that induce purchasers to pay for goodwill EXCEPT
Answer: Price of the goods and services
Question: ………..is a document which gives legal authority to the company to operate as a legal personality.
Answer: certificate of incorporation
Question: ………….is a business owned by an association of people, and operated as a legal person on behalf of its owners with the usual motive of profit maximization.
Answer: company
Question: There are two types of capital accounts under partnership. The fixed capital account and the ……
Answer: Floating capital account
Question: The unit of a company Vs capital held by a shareholder entitling him to share in the profit of the company is known as
Answer: share
Question: ONE of the following is NOT a characteristic of a public company
Answer: There is restriction on transfer of its shares
Question: The appointment and power of managing directors is found in the…..
Answer: articles of association
Question: Physical change in partnership may be due to the following EXCEPT
Answer: recording extra ordinary profit
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