2023 - JAMB Commerce Past Questions and Answers - page 4
Money is generally acceptable for transaction due to
One of these is a current asset
I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
III and IV
I only
II only
I and II
The characteristic that can be both a merit and demerit in a partnership is II only, which refers to "The number of partners."
- Merit: Having multiple partners allows for a pooling of resources, diverse skills, and shared responsibilities, which can enhance decision-making and business operations.
- Demerit: However, a higher number of partners can also lead to conflicts, slower decision-making processes, and complexities in profit sharing and management, especially when partners have differing visions or levels of commitment.
The business unit that applies the principle of one man vote is
| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net Sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Find the gross profit
A partnership is dissolved due to
An example of extractive occupation is
A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as
Good and services transferred from seller to buyer without immediate payment is referred to as
The duties paid on goods produced locally is