Partnership MCQs

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Next Practice: Joint Stock Company MCQs

MCQS 1 To 10

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

(a) Sole-proprietorship

(b) Partnership

(d) Unlimited companies

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?

(a) Partnership

(b) Joint Stock Company

(d) Sole proprietorship

Correct! Wrong!

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

(a) Capital account

(b) Owner’s equity account

(d) Current Account

Correct! Wrong!

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

(a) Partnership

(b) Sole proprietorship

(d) All can be privately owned

Correct! Wrong!

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

(a) Partnership deed

(b) Partnership agreement

(d) None

Correct! Wrong!

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

(a) A partnership is a business run by two or more persons

(b) A partnership business is easy to set up

(d) In the absence of agreement, partners will be paid salaries

Correct! Wrong!

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

(a) Partnership

(b) Joint Stock Company

(d) Single Member Company

Correct! Wrong!

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

(a) Partnership

Private limited companies

(d) Both a and c

Correct! Wrong!

9. The partnership form of business organization?

(a) Is a separate legal entity

(b) is a common form of organization

(d) has limited liability

Correct! Wrong!

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

(a) Partnership

(b) Sole proprietorship

(d) Both a and b

Correct! Wrong!

>> Read Accounting for Partnership

MCQs 11 To 20

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

(a) Time devoted by each partner

(b) On the basis of capital ratio

(d) Owner’s equity

Correct! Wrong!

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

(a) Sole-Proprietorship

(b) Partnership

(d) Public limited company

Correct! Wrong!

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

(a) Partners’ loan account

(b) Partners’ capital account

(d) Partners’ dividend account

Correct! Wrong!

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

(a) Corporations

(b) Investors

(d) Partnerships

Correct! Wrong!

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

(a) Partners’ current account

(b) Partners’ capital account

(d) Partners, fixed account

Correct! Wrong!

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

(a) 5% p.a.

(b) 6% p.a.

(d) None of these

Correct! Wrong!

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

(a) Fixed account

(b) Capital account

(d) Current Account

Correct! Wrong!

18. Partnership agreement contains?

(a) Nature of business

(b) Name of business

(d) All of the above

Correct! Wrong!

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

(a) Fixed

(b) Variable

(d) None of these

Correct! Wrong!

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

(a) Foundation

(b) Partnership

(d) Mosque

Correct! Wrong!

>> Practice Formation of Partnership

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Back To Financial Accounting MCQs

Next To Joint Stock Company MCQs

More Interest

Formation of Partnership

Admission of a Partner

Admission of a Partner Problems

Valuation of Goodwill

Joint Venture Accounting

References

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

4 Comments

Shubham kumar on April 1, 2021 at 4:21 am

It was good to participate in test
Reply
Nikhat Ansari on March 1, 2021 at 5:39 pm

this is very useful for me
Reply
Zeeshan on March 1, 2021 at 9:20 am

I need answer of all 20 mcqs
Reply
- Zaheer Swati on March 20, 2021 at 1:36 pm
  
  Click any one option a,b,c or d, than you will see right option in green color.
  Reply

Partnership MCQs

MCQS 1 To 10

Click The Option and See Result

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

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?

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

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

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

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

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

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

9. The partnership form of business organization?

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

MCQs 11 To 20

Click The Option and See Result

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

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

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

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

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

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

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

18. Partnership agreement contains?

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

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

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