Answer:
A
Explanation:
An industry is a group of companies that provide good and services that are closely related. An example of an industry is the beauty industry. Companies that would be included in this industry would include companies that produce lipstick, powder, foundation, cream, exfoliators etc
Classification of industries
1. primary industry : they are involved in the getting of raw materials e.g. the fishing industry
2. secondary industry : they make use of raw materials to manufacture products e.g. automobile industry
3. tertiary industry : they provide services e.g education industry
Answer:
A partnership is easy and inexpensive to establish
the business benefits from pooled knowledge and skills of different partners
the workload is shared
more partners can be added,which could help increase capital
partnerships are not compelled by law to complete audits on financial statements
Explanation:
Answer: Option C
Explanation: As per the monetary unit assumption, only those transactions that could be valued in monetary terms are considered to be important. The transactions or events that have only qualitative aspects are non relevant for accounting purposes.
It makes a assumption that the value of dollar will remain stable over time, which is incorrect. This concept does not take into consideration the problem caused by the historic cost recording.
Hence from the above we can conclude that the correct option is C.