2019 - JAMB Commerce Past Questions and Answers - page 1

A dissolution of a partnership generally occurs when one of the partners ceases to be a partner in the firm. Dissolution is distinct from the termination of a partnership and the "winding up" of partnership business. More.

A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. Wikipedia

Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the company are redistributed. Wikipedia

Assets = Capital + liabilities
Hence,

Liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600

Consideration is a benefit which must be bargained for between the parties and is the essential reason for a party entering into a contract. Consideration is one of the valid element of a contract.

All businesses operating in Nigeria has to be registered with the Corporate Affairs Commission. If successfully incorporated, the business is issued a certificate of incorporation.

Indirect service refers to services rendered to the general public but they are not paid for by the members of the public directly. The government will pay for the services from taxes and levies paid by the public.