If Two Parties Enter into a Share Farm Agreement in Which

question 21

Multiple Choice

If two parties enter into a share farm agreement in which one provides the land and the other provides the labour,this is most likely to be a(n) :

• A)partnership.
• B)employment relationship.
• C)joint venture.
• D)tenancy in common.

---

Definitions:

Permanent Account

An account in the general ledger that carries its ending balance over to the next accounting period.

Temporary Account

A type of financial account used in accounting to record revenues, expenses, gains, and losses within a specific accounting period, which are then transferred to permanent accounts.

Chart of Accounts

A systematic list of all ledger account titles and numbers used by a company, organized by type of account.

Account Numbers

Unique identifiers assigned to accounts in the accounting system for organization and tracking.