JAMB Accounting 2021 Objective — Question 14
Question 14 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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14. In a partnership concern, this item is not found, what is it? a. Partners salaries b. Profit/loss sharing ratio c. Partners' drawings d. Partners' family expenses
- A. Partners salaries
- B. Profit/loss sharing ratio
- C. Partners' drawings
- D. Partners' family expensesCorrect
Explanation
In a partnership, only accounts/items linked directly to the business are recorded. A partner's personal family expenses are not business-related and are not considered in the account.
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