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Question 1

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Q.3

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Agency conflicts typically arise when there is a separation of ownership and management of a business. In a sole proprietorship and a small partnership, such separation is not likely to exist to the degree it does in a corporation. However, there is still potential for agency conflicts. For example, as employees are hired to represent the firm, there is once again a separation of ownership and management.

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1A.
Q.2 Advantages

Liquidity. A Corporate form of organisation is better in terms of liquidity whereby it can easily exchange its shares for cash whilst sole proprietorships and partnerships are restricted substantially.

Liability. A corporation has limited liability whereby shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares while general partners have unlimited liability.

Continuity. A Corporation has perpetual life while a partnership is limited to the life of the partnership.

1B.
Q.3, Q.4 and Q.10

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Question 2

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Question 1

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Group 5 = Concept Q1, Calculation - Q1,Q2

Group 4 = Concept Q2, Calculation - Q3, Q4, Q10

Group 2 = Concept Q3, Calculation - Q5, Q6, Q7
Group 1 = Concept Q4, Calculation - Q8,Q9