Accounting for Partnership: Basic Concepts Test 20

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Accounting for Partnership: Basic Concepts Test 20

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Weekly Quiz Competition

Question 1
1 / -0

For constituting a partnership within the meaning of section 4 of the Indian Partnership Act, 1932 __________________.

A
The business has to be of permanent nature

B
The business can be of temporary nature

C
It is immaterial whether the business is of temporary or permanent nature

D
Only (a) and not (b)

Solution

For constituting a partnership with in the meaning of section4 of the Indian partnership,1932 it is immaterial whether the business is of temporary or permanent nature.
Question 2
1 / -0

For the purpose of income-tax, a partnership firm ____________________.

A
Can be assessed as an entity distinct and separate from its partners

B
Cannot be assessed as an entity separate and distinct from its partners

C
Can be assessed as an entity distinct and separate from its partners only with the permission of the court

D
Can be assessed as an entity distinct and separate from its partners only if all the partners agree for the same

Solution

In the eye of tax law Partnership firm is different than its partner. It has separate PAN number under which it assessed.
Question 3
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Which of these duties is not covered under the general duty of a partner under the Partnership Act ?

A
To carry on business to the greatest common advantage of the firm

B
To render true account

C
To take care of day-to-day needs of the senior partner

D
To act diligently

Solution

To take care of day to day needs of the senior partners is not covered under the general duty of a partner under the partnership act.
Question 4
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In case a partnership is rescinded on account of fraud and misrepresentation, the aggrieved partner has right to ________________.

A
Lien on surplus assets

B
Right to rank as a creditor

C
Be indemnified

D
All the three

Solution

In case a partnership is rescinded i.e. cancel, on account of fraud and misrepresentation, the aggrieved partner has right to lien on surplus assets, right to rank as a creditor and to indemnified against any loss due to cancellation of partnership.
Question 5
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A partnership for which no period or duration is fixed, under the Indian Partnership Act, 1932 is known as ________.

A
General partnership

B
Partnership at will

C
Particular partnership

D
Co-ownership

Solution

A partnership for which no period or duration is fixed, under the Indian partnership act 1932 is known as partnership at will.
Question 6
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Which of the following in itself is not sufficient to constitute a partnership ?

A
the sharing of profits by persons having a joint or common interest

B
the receipt by a person of a share of the profits

C
the receipt by a person of a payment varying with the profits earned by business

D
all the above
Question 7
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Select the odd one ____________________.

A
To submit a dispute to arbitration

B
To open a bank account on behalf of the firm in his own name

C
To acquire immovable property

D
To receive payment on behalf of the firm after giving proper receipt
Question 8
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Which of these is not an implied authority of a partner in the absence of any specific provisions in the partnership deed _____________________.

A
To buy or sell goods on behalf of the firm

B
To receive payment on behalf of the firm

C
To sue on behalf of the firm and defend suit in the name of the firm

D
to submit a dispute relating to the firm for arbitration
Question 9
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A partner has the authority to bind the other partners for his act if _________________________.

A
The act is done in the ordinary way

B
The act done by him is in the firm's name

C
The act relates to the business of the firm

D
All the above

Solution

A partner has the authority to bind the other partners for his act if the act is done in the ordinary way.
Question 10
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All expect ___________ are statutory exception to implied Authority of a partner.

A
To open a bank account in his name on behalf of the firm

B
To enter into a partnership on behalf of the firm

C
To acquire immovable property on behalf of the firm

D
To employ or engage staff for the firm

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 20

Result

Accounting for Partnership: Basic Concepts Test 20

Score

-

Rank

-

SHARING IS CARING

Question 1

The business has to be of permanent nature

The business can be of temporary nature

It is immaterial whether the business is of temporary or permanent nature

Only (a) and not (b)

Solution

Question 2

Can be assessed as an entity distinct and separate from its partners

Cannot be assessed as an entity separate and distinct from its partners

Can be assessed as an entity distinct and separate from its partners only with the permission of the court

Can be assessed as an entity distinct and separate from its partners only if all the partners agree for the same

Solution

Question 3

To carry on business to the greatest common advantage of the firm

To render true account

To take care of day-to-day needs of the senior partner

To act diligently

Solution

Question 4

Lien on surplus assets

Right to rank as a creditor

Be indemnified

All the three

Solution

Question 5

General partnership

Partnership at will

Particular partnership

Co-ownership

Solution

Question 6

the sharing of profits by persons having a joint or common interest

the receipt by a person of a share of the profits

the receipt by a person of a payment varying with the profits earned by business

all the above

Question 7

To submit a dispute to arbitration

To open a bank account on behalf of the firm in his own name

To acquire immovable property

To receive payment on behalf of the firm after giving proper receipt

Question 8

To buy or sell goods on behalf of the firm

To receive payment on behalf of the firm

To sue on behalf of the firm and defend suit in the name of the firm

to submit a dispute relating to the firm for arbitration

Question 9

The act is done in the ordinary way

The act done by him is in the firm's name

The act relates to the business of the firm

All the above

Solution

Question 10

To open a bank account in his name on behalf of the firm

To enter into a partnership on behalf of the firm

To acquire immovable property on behalf of the firm

To employ or engage staff for the firm

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