Question Tag: Business Entities

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FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

Question

What is the unique feature of limited companies?

A. The owners of the company have limited liability
B. The proprietors’ capital in a limited company consists of share capital
C. There are dividends for the company owners
D. Limited companies have access to bank loan
E. Limited companies prepare statements of profit or loss

Answer

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Tags: Business Entities, Corporate Features, Limited Liability Companies
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q4 – Financial Statements Preparation

Identifying a key difference between sole traders and limited liability companies.

Question

Which of the following is the difference between sole traders and limited liability companies?

A. A sole trader’s financial statements are private and never made available to third parties; a company’s financial statements are given to shareholders and may be publicly filed.
B. Both businesses have share capital.
C. Only drawings appear in a sole trader’s financial statements.
D. A sole trader is fully and personally liable for any losses that the business might make, while a company’s losses are borne by the government.
E. Both the sole trader and companies issue loan notes in order to raise funds.

Answer

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Tags: Business Entities, Financial Statements, Limited Liability, Sole Traders
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2013

BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

Question

A foreign limited liability partnership
A. Can carry on business in Nigeria provided it is registered in its home country
B. Cannot carry on business in Nigeria without being incorporated in Nigeria
C. Need not register afresh in Nigeria before carrying on business in Nigeria
D. Is prohibited in Nigeria under the Companies and Allied Matters Act 2020
E. Must admit Nigerians as partners under the Companies and Allied Matters Act before carrying on business in Nigeria

Answer

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Tags: Business Entities, Company Law, Nigerian Law
Level: Level 1

Topic: Company Law
Series: NOV 2021

BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society

Identify which organization is not a Non-Government Organization (NGO).

Question

Which of the following is NOT an example of a Non-Government Organization?

A. Delight and Partners
B. Lagos Digital Village
C. Murtala Mohammed Foundation
D. Nigeria Health Care Project
E. Women in Management and Business

Answer

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Tags: Business Entities, Non-Government Organizations, Organizational Types
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

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Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

BL – MarJul 2020 – L1 – SB – Q1b – Partnership Law

Explanation of relationships similar to partnership under partnership law.

Question

Under partnership law, there are rules for determining the existence of a partnership.

Required: Explain briefly THREE relationships that are similar to partnership but are not considered partnerships under the law.

Answer

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Tags: Business Entities, Legal Relationships, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAR/JULY 2020

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

Identifies which types of entities exist primarily to generate profit.

Question

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

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Tags: Business Entities, Charities, Partnerships, Profit-Seeking
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

BMF – Mar July 2020 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the correct statement about financial reports prepared by business entities.

Question

All business entities prepare financial statements at the end of each accounting period, usually every year. Which of the following statements in respect of the financial reports prepared by business entities is correct?
A. Limited liability companies are compelled by law to disclose their financial statements to the public.
B. Publicly quoted companies are compelled by law to disclose their financial statements to the public.
C. The financial statements of a sole trader are private and should be disclosed.
D. The financial statements of a business partnership are private and should be disclosed.
E. The financial statements of a business partnership are private and should be filed with a government agency.

Answer

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Tags: Business Entities, Disclosure, Financial Statements
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAR/JULY 2020

BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

Question

Which of the following is NOT a characteristic of a partnership?
A. Sharing losses
B. Sharing profits
C. Business
D. Liability to pay income tax on its profits
E. The pooling of resources together

Answer

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Tags: Business Entities, Legal Structures, Partnership Characteristics
Level: Level 1

Topic: Partnership Law
Series: MAY 2016

BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

Question

Section 9 of the Companies Act, 1963 (Act 179) provides that a company limited by shares is “a company having the liability of its members limited to the amount, if any, unpaid on the shares respectively held by them”.

Required:
State and explain TWO (2) advantages that exist for a company limited by shares. (2 marks)

Answer

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Tags: Business Entities, Company Law, Limited Liability
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2019

FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

Question

What is the unique feature of limited companies?

Answer

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Tags: Business Entities, Corporate Features, Limited Liability Companies
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q4 – Financial Statements Preparation

Identifying a key difference between sole traders and limited liability companies.

Question

Which of the following is the difference between sole traders and limited liability companies?

Answer

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Tags: Business Entities, Financial Statements, Limited Liability, Sole Traders
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2013

BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

Question

Answer

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Tags: Business Entities, Company Law, Nigerian Law
Level: Level 1

Topic: Company Law
Series: NOV 2021

BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society

Identify which organization is not a Non-Government Organization (NGO).

Question

Which of the following is NOT an example of a Non-Government Organization?

A. Delight and Partners
B. Lagos Digital Village
C. Murtala Mohammed Foundation
D. Nigeria Health Care Project
E. Women in Management and Business

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Non-Government Organizations, Organizational Types
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

BL – MarJul 2020 – L1 – SB – Q1b – Partnership Law

Explanation of relationships similar to partnership under partnership law.

Question

Under partnership law, there are rules for determining the existence of a partnership.

Required: Explain briefly THREE relationships that are similar to partnership but are not considered partnerships under the law.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Legal Relationships, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAR/JULY 2020

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

Identifies which types of entities exist primarily to generate profit.

Question

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

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Charities, Partnerships, Profit-Seeking
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

BMF – Mar July 2020 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the correct statement about financial reports prepared by business entities.

Question

Answer

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Tags: Business Entities, Disclosure, Financial Statements
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAR/JULY 2020

BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

Question

Which of the following is NOT a characteristic of a partnership?
A. Sharing losses
B. Sharing profits
C. Business
D. Liability to pay income tax on its profits
E. The pooling of resources together

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Legal Structures, Partnership Characteristics
Level: Level 1

Topic: Partnership Law
Series: MAY 2016

BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

Question

Required:
State and explain TWO (2) advantages that exist for a company limited by shares. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Law, Limited Liability
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2019

Question Tag: Business Entities

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FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

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FA – Nov 2013 – L1 – SA – Q4 – Financial Statements Preparation

Identifying a key difference between sole traders and limited liability companies.

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BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

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BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society

Identify which organization is not a Non-Government Organization (NGO).

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FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

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BL – MarJul 2020 – L1 – SB – Q1b – Partnership Law

Explanation of relationships similar to partnership under partnership law.

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

Identifies which types of entities exist primarily to generate profit.

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BMF – Mar July 2020 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the correct statement about financial reports prepared by business entities.

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BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

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BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

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FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

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FA – Nov 2013 – L1 – SA – Q4 – Financial Statements Preparation

Identifying a key difference between sole traders and limited liability companies.

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BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

You're reporting an error for "BL – Nov 2021 – L1 – SA – Q4 – Company Law"

BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society

Identify which organization is not a Non-Government Organization (NGO).

You're reporting an error for "BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

BL – MarJul 2020 – L1 – SB – Q1b – Partnership Law

Explanation of relationships similar to partnership under partnership law.

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

Identifies which types of entities exist primarily to generate profit.

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BMF – Mar July 2020 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the correct statement about financial reports prepared by business entities.

You're reporting an error for "BMF – Mar July 2020 – L1 – SA – Q1 – Nature of Business, Types, and Objectives"

BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

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BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

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