1 mark answers
Q1. Name the forms of business organization which can be formed by an oral agreement between the members.
Q2. What do you mean by Statutory features and general features.
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- Partnership is collaboration with other people refer to as colleagues for a particular task.
- A statutory corporation is a body corporate formed by a special act of parliament or by the central or state legislature. It is fully financed by the government. Its powers, objects, limitations etc. are also decided by the act of the legislature. It is also called” public corporation”.
Accounting is special in that it documents all financial transactions. It offers a framework for the accurate recording of the transaction that businesses may make use of. The recording is systematic and is necessary for anyone who is knowledgeable in accounting standards and laws.
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Answer:
1) Partnership
2) A statutory corporation or a public corporation is a body corporate set up under a special act of the Parliament or of the State Legislature. It is known as a statutory corporation because it is created by a statute.
Explanation:
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