Previous Practice: Final Accounts MCQs

Next Practice: Joint Stock Company MCQs

 

MCQS 1 To 10

1. Which of the following type of the business is governed under the partnership Act 1932?

Correct! Wrong!

2. 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?

Correct! Wrong!

3. When capital is introduced by a partner, we should be debited to?

Correct! Wrong!

4. Which of the following forms of business organization can be privately owned?

Correct! Wrong!

5. The document sets out the terms on which partners agreed to form a partnership is called?

Correct! Wrong!

6. Which of the following statements is not true about the partnership form of business?

Correct! Wrong!

7. Which of the following forms of business has the advantage of simplicity?

Correct! Wrong!

8. Which of the following forms of business organization can be publicly-traded?

Correct! Wrong!

9. The partnership form of business organization?

Correct! Wrong!

10. Which of the following forms of business would result in the termination of the business if the ownership changes?

Correct! Wrong!

 

>> Read Accounting for Partnership

 

MCQs 11 To 20

11. In the absence of an agreement, profit and loss are divided by partners in the ratio of?

Correct! Wrong!

12. Which of the following business publishes the Financial Statements?

Correct! Wrong!

13. The amount of loan advanced by a partner to partnership is transferred to?

Correct! Wrong!

14. Which of the following is not one of the three forms of business organization?

Correct! Wrong!

15. When capital accounts are fixed, than all adjustments are made in?

Correct! Wrong!

16. In the absence of an agreement, interest on drawings is to be charged by firm at the rate of?

Correct! Wrong!

17. When capital is introduced by a partner, we should be credited to?

Correct! Wrong!

18. Partnership agreement contains?

Correct! Wrong!

19. Current accounts of the partners should be opened when the capital is?

Correct! Wrong!

20. Which of the following is an artificial person recognized by law?

Correct! Wrong!

 

>> Practice Formation of Partnership

Previous Practice: Final Accounts MCQs

Next Practice: Joint Stock Company MCQs

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References

Ch., M. A., & Afzal, S. (2015). Principles of Accounting. Lahore: Azeem Academy.

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