MCQs on Fundamental of Partnership, Mcq on fundamental of partnership
Hello viewers, Today we are going to start MCQs on Fundamental of Partnership , I hope it will be helpful for your upcoming exam. (Part-1, From Question No. 01 to 20 )
MCQ on fundamental of partnership in english pdf
Multiple Choice Questions for Financial accounting
1. The relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all is called?
(a) Partnership
(b) Joint Stock Company
(c) Limited liability company
(d) Sole proprietorship
Ans-(a) Partnership
2. The document sets out the terms on which partners agreed to form a partnership is called?
(a) Partnership deed
(b) Partnership agreement
(c) Both a and b
(d) None
Ans- (c) Both a and b
3. The partnership form of business organization?
(a) Is a separate legal entity
(b) is a common form of organization
(c) Enjoys an unlimited life
(d) has limited liability
Ans- (b) is a common form of organization
4. Which of the following is an artificial person recognized by law?
(a) Foundation
(b) Partnership
(c) Limited company
(d) Mosque
Ans-(c) Limited company
5.Arvi Bare partner in a fim They are entitled to interest on their capitals but the net profit was insufficient for this interest, then the net profit will distributed in
(A) Agreed Ratio.
(b) Profit Sharing Ralio
(C) Capital Ratio.
(D) Equally ratio
Ans-(A) Agreed Ratio.
6. For the firm interest on capital is
a. Capital Payment
b. Loss
c. Capital Receipt
d. Income
Ans- b. Loss
7. Liability of partners in a partnership business is:
(a) Limited
(b) Un-limited
(c) Limited & unlimited.
(d) None of these
Ans- (b) Un-limited
8. Any partner who investments in the business but does not take active part in the business is:
(a) Secret partner
(b) Sleeping partner
(c). Active partner
(d) Nominal partner
Ans- (b) Sleeping partner
9. Investment in partnership is made by introducing:
(a) Cash
(b) None-cash assets
(c) Cash or non-cash assets
(d) None of these.
Ans- (c) Cash or non-cash assets
10. Under fixed capital methods, profit will be credited to:
(a) Capital Account
(b) Drawings
(c) Current A/c
(d) Profit and Loss a/c
Ans- (c) Current A/c
11. A new partner can be entered into the partnership with the consent of:
a - singflucbalanco partners
b- only two partner
c - majority of partners
d - all the existing partners
Ans- d - all the existing partners
12. Interest on drawing of partners calculated by
a. Direct method
b. Product method
c. Both a And b
d. None of this
Ans- c. Both a And b
business carried on by all or any to them acting for all.
a. Partners
b. Partnership
c. Firm
d. Goodwill
Ans-b. Partnership
14. The guarantee to an existing or incoming partner may be given by all the old partners or any of them in their new profit sharing ratio or an agreed basis.
a. True
b. False
Ans- a. True
15. Critically evaluate the preparation of partnership deed by a partnership firm.
a. Partnership deed
b. Partners personal agreement
c. Partnership act 1932
d. None of this
Ans- a. Partnership deed
16. Pass the necessary entries for preparing profit and loss appropriation account.
Capital accounts
a. Fluctuating Capital a/c
b. Fixed capital method
c. Profit and loss account
d. Capital a/c
17. which kind of partnership one partner has unlimited liability and other partner have limited liability
a. Partnership at will
b. Lits partnership
c. Cene partnership
d. Particular partnership
Ans- d. Particular partnership
18. To start a partnership business, what should be the minimum number of partners?
a. 2
b. 10
c. 20
d. 50
Ans- a. 2
19. Interest on partner's capitals will be debited to:
a. Profit and Loss Account
b. Profit and Loss Appropriation Account
c. Partner's Capital Accounts
d. None of the Above
Ans-b. Profit and Loss Appropriation Account
20. For the firm interest on drawings is
a. Capital Payment
b. Expenses
c. Capital Receipt
d. Income
Ans- d. Income
Comments
Post a Comment