Accounting for Partnership: Basic Concepts Test 10

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Accounting for Partnership: Basic Concepts Test 10

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is not an essential feature of a partnership firm?

A
Association of two or more persons

B
Compulsory registration

C
Mutual agency

D
Existence of business
Question 2
1 / -0

Person who have entered into partnership with one another are called individually ____________.

A
Partners

B
Customers

C
Managers

D
Firm
Question 3
1 / -0

Which is not a subject matter of the Partnership Act, 1932 ?

A
Partnership

B
Hindu Undivided family

C
Co-ownership

D
B,C and D
Question 4
1 / -0

Partnership is based on ______________.

A
Mutual contract

B
Parliamentary process

C
Company law

D
Corporate law
Question 5
1 / -0

Which of the following statement is correct?

A
There are two types convertibility in currency (i) Current Account (ii) Capital Account

B
All the foreign currency transactions except those for creating and liquidating foreign assets/liabilities are free from any type of restriction is convertibility on current account.

C
Al the foreign currency transactions are free from any types of restrictions is convertibility on capital account

D
All of the above
Question 6
1 / -0

Past adjustments are needed when _____________________.

A
There is omission of transaction

B
There is error in transaction recorded

C
There is omission of interest on drawings

D
All of the above

Solution

Past adjustments are needed when the firm needs to rectify the error or omission by passing an adjustment entry at the beginning of the financial year. Such adjustments are called past adjustments as they relate to the past period.
Question 7
1 / -0

Registration of a partnership firm can be affected _______.

A
Just after commencement of business

B
As soon as partnership deed is ready

C
Any time during continuation of the business

D
Within six months of entering into an agreement

Solution

The Partnership Act, 1932 does not make the registration of partnership firm compulsory. Thus, an unregistered partnership firm is not an illegal association. ... A firm may be registered at any time by filing an application with the Registrar of the area in which any place of business of the firm is situated.
Question 8
1 / -0

The transferee of a share of a partner's interest in a firm is called ____________.

A
Senior partner

B
Active partner

C
Sub partner

D
Dormant partner

Solution

A Sub-partner is a partner in a partnership firm who agrees to share his profits in a partnership firm with an outsider to the firm. A sub-partner does not hold any right against the firm nor is liable to any debts caused by the firm.
Question 9
1 / -0

The members of a partnership firm are individually called _______.

A
Firm

B
Partners

C
Directors

D
Friends

Solution

The members of such a business are individually called partners and collectively, a firm.
Question 10
1 / -0

If the number of partners exceed the maximum number specified in section 11 of the Companies Act, the firm becomes ______.

A
un-recognised firm

B
illegal association

C
banned firm

D
privileged firm

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Question Analysis

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 10

Result

Accounting for Partnership: Basic Concepts Test 10

Score

-

Rank

-

SHARING IS CARING

Question 1

Association of two or more persons

Compulsory registration

Mutual agency

Existence of business

Question 2

Partners

Customers

Managers

Firm

Question 3

Partnership

Hindu Undivided family

Co-ownership

B,C and D

Question 4

Mutual contract

Parliamentary process

Company law

Corporate law

Question 5

There are two types convertibility in currency (i) Current Account (ii) Capital Account

All the foreign currency transactions except those for creating and liquidating foreign assets/liabilities are free from any type of restriction is convertibility on current account.

Al the foreign currency transactions are free from any types of restrictions is convertibility on capital account

All of the above

Question 6

There is omission of transaction

There is error in transaction recorded

There is omission of interest on drawings

All of the above

Solution

Question 7

Just after commencement of business

As soon as partnership deed is ready

Any time during continuation of the business

Within six months of entering into an agreement

Solution

Question 8

Senior partner

Active partner

Sub partner

Dormant partner

Solution

Question 9

Firm

Partners

Directors

Friends

Solution

Question 10

un-recognised firm

illegal association

banned firm

privileged firm

User

Question Analysis

My Perfomance

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Rank

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