Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
What is the relationship called between persons who have agreed to share profits of a business carried on by all or any of them acting for all?
Options:
Joint venture
Partnership
Company
Association or persons
Correct Answer:
Partnership
Explanation:
The business of the partnership firm is carried by all or any of them acting for all.