WAEC Accounting 2015 Objective — Question 35

Question 35 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Which of the following is not stated in the partnership agreement?

A. Profit and Loss AccountCorrect
B. Trading Account
C. Income surplus
D. Profit and loss appropriation

Explanation

This question is ambiguous per the official key, but a partnership agreement typically states the profit-sharing terms rather than reproducing the format of specific final accounts (e.g. the Profit and Loss Account itself).

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