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Accounting for Partnership: Basic Concepts Test 16

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Accounting for Partnership: Basic Concepts Test 16
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A particular partnership continued after the completion of that adventure for which it was entered into become ________.
  • Question 2
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    As per the Indian Partnership Act, the term Business does not include _____________.
  • Question 3
    1 / -0
    State in which of the following circumstances a valid partnership is constituted.
  • Question 4
    1 / -0
    Partnership Act, 1932 is not applicable to which  of these type of prtnerships ______________.
  • Question 5
    1 / -0
    The name in which the partner of a firm carries on business is called ___________.
    Solution
    Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name".
  • Question 6
    1 / -0
    Where no provision is made by contract between the partner for duration of partnership or determination of their partnership is called ____________ .
    Solution
    In case of Partnership at will, it can be dissolved at any time by any partner without any liability.There is no fixed term/duration of the partnership.
    As per the given question, when no provision is made by contract for duration, it clearly refers to Partnership at will.
     
  • Question 7
    1 / -0
    The liability of a partner in profit is ________.
  • Question 8
    1 / -0
    Partnership is a contract of _________.
  • Question 9
    1 / -0
    Partnership is an extension of law of agency, hence _________.
    Solution
    In partnership, every partner is working on behalf of other partners, So we can say it is an extension of the law of agency.
  • Question 10
    1 / -0
    _________ is a valid partnership.
    Solution
    Valid partnership require carrying the business to earn profit. A, B, C formed a partnership firm to develop township is example of valid partnership. 
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