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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsPartnership DeedMedium
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Why is the firm's objective mentioned in the partnership deed?

Answer and explanation

Correct answer: To clarify business scope and lawful activities

The objective shows the business for which the firm is formed. It also clarifies the limit of partners' authority.

Related tags

Business ObjectiveScopePartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the main meaning of a partnership deed?
  2. 2Why is a partnership deed prepared?
  3. 3Why is profit sharing ratio written in a partnership deed?
  4. 4If profit ratio is not given in the deed how will profit be shared?
  5. 5Which point of a partnership deed is related to capital?
  6. 6What is the purpose of writing the interest-on-capital rate in the partnership deed?
  7. 7If the partnership deed contains no provision for interest on capital, what will be the effect?
  8. 8The clause for interest on drawings in the deed is related to what?
  9. 9If interest on drawings rate is not in the deed what normally happens?
  10. 10What allows salary to a partner?
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