Accounting for Partnership: Basic Concepts Test 19

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Accounting for Partnership: Basic Concepts Test 19

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

Which of these rights are not conferred upon a partner under the Partnership Act _________________.

A
Right to take part in the business

B
Right to be consulted

C
Right to indemnity

D
Right to take remuneration
Question 2
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An act, to be called an 'act of a firm', within the meaning of section 2(a) of the Indian Partnership Act, 1932 is__________________.

A
every act of the partners

B
only such acts which give rise to a right enforceable by or agairist the firm

C
such acts which do not give rise to a right enforceable by or against the firm

D
either (a) or (b) or (c)
Question 3
1 / -0

State which of the following, statement is true?

A
Audit of partnership firm is mandatory under the Indian Partnership Act, 1932

B
Liability of a partner is limited

C
Registration of a partnership firm is mandatory for the purpose of taking PAN number

D
Mutual agency is the essence of partnership
Question 4
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Profit and losses of the firm are to be shared equally ____________________.

A
When the partnership deed is silent about it

B
As per Partnership Act in the absence of anything in the partnership deed to the contrary

C
Both the circumstances

D
None of the situations

Solution

b'P&L of the firm are to be shared equally as per the partnership act and also in the absence of anything in the partnership deed to the contrary.'
Question 5
1 / -0

Under section 4 of the Indian Partnership Act, partnership is a __________.

A
Compulsory legal relation

B
Creation of the choice and voluntary agreement between the concerned parties

C
Relation arising from status

D
Creation of act of God

Solution

Partnership is a creation of the choice and voluntary agreement between the concerned parties, as per the section 4 of the Indian Partnership Act.'
Question 6
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_______ provides for no duration or determination of partnership.

A
Partnership in undertaking

B
General partnership

C
Partnership at will

D
All the above

Solution

When a partnership firm is formed to carry on business without specifying any period of time, it is known as partnership at will
Question 7
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In partnership at will ______________________________.

A
a partner of a firm can retire from the firth at any time by giving a notice of his intention to retire to his co-partners

B
a partner of a firm can dissolve the firm at any time by giving a notice of his intention to dissolve the firm to his copartners

C
either (a) or (b)

D
only (b) and not (a)
Question 8
1 / -0

__________is not an essential element of a valid partnership.

A
an, agreement to carry on a business

B
sharing of profits

C
sharing of losses

D
business to be carried by all or any of them acting for all
Question 9
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Which of the following is an exception to the partnership at will, as provided under section 7 of the Indian Partnership Act, 1932 ?

A
Where there is a provision for the duration of the partnership

B
where there is a provision for determination of the partnership

C
both (a) and (b)

D
only (a) and not (b)
Question 10
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Which of these duties a partner can be varied by an agreement between the partners?

A
Duty to take part in business

B
Duty to attend duty diligently

C
Duty to account for profit on competitive business

D
All the three

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 19

Result

Accounting for Partnership: Basic Concepts Test 19

Score

-

Rank

-

SHARING IS CARING

Question 1

Right to take part in the business

Right to be consulted

Right to indemnity

Right to take remuneration

Question 2

every act of the partners

only such acts which give rise to a right enforceable by or agairist the firm

such acts which do not give rise to a right enforceable by or against the firm

either (a) or (b) or (c)

Question 3

Audit of partnership firm is mandatory under the Indian Partnership Act, 1932

Liability of a partner is limited

Registration of a partnership firm is mandatory for the purpose of taking PAN number

Mutual agency is the essence of partnership

Question 4

When the partnership deed is silent about it

As per Partnership Act in the absence of anything in the partnership deed to the contrary

Both the circumstances

None of the situations

Solution

Question 5

Compulsory legal relation

Creation of the choice and voluntary agreement between the concerned parties

Relation arising from status

Creation of act of God

Solution

Question 6

Partnership in undertaking

General partnership

Partnership at will

All the above

Solution

Question 7

a partner of a firm can retire from the firth at any time by giving a notice of his intention to retire to his co-partners

a partner of a firm can dissolve the firm at any time by giving a notice of his intention to dissolve the firm to his copartners

either (a) or (b)

only (b) and not (a)

Question 8

an, agreement to carry on a business

sharing of profits

sharing of losses

business to be carried by all or any of them acting for all

Question 9

Where there is a provision for the duration of the partnership

where there is a provision for determination of the partnership

both (a) and (b)

only (a) and not (b)

Question 10

Duty to take part in business

Duty to attend duty diligently

Duty to account for profit on competitive business

All the three

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