• 1 Marks

FA – May 2017 – L1 – SA – Q16 – Partnership Accounts

Identifies which types of entities exist primarily to generate profit.

Which of the following exists primarily for the purpose of making profit?
A. Charities
B. Clubs
C. General hospitals
D. Government bodies
E. Partnerships

Answer: E. Partnerships

Explanation: Partnerships are profit-seeking entities. The other options, such as charities and government bodies, operate to serve public or social purposes and are typically not focused on making a profit.

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