NECO Commerce 2023 Objective — Question 31

Question 31 of 50 from the National Examinations Council (NECO) Commerce 2023 Objective paper, with the correct answer and a full explanation.

Private companies are not required to publish their final accounts to the public mainly because (a) they are exempt from taxation (b) they are not incorporated (c) they do not sell shares to the public (d) they have no shareholders

A. they are exempt from taxation
B. they are not incorporated
C. they do not sell shares to the publicCorrect
D. they have no shareholders

Explanation

Private companies raise capital from a small, select group of investors rather than the general public, so they are not required to publish accounts as widely as public companies.

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