Accounting for Partnership: Basic Concepts Test 21

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Accounting for Partnership: Basic Concepts Test 21

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following Acts are outside the implied authority of a partner?

A
To transfer immovable property belonging to the firm

B
To hire an advocate to defend a case against the firm

C
Pledge goods of the firm

D
Settlement of accounts with third party
Question 2
1 / -0

Which of the act is / are not included in the implied authority of a partner ___________________________________.

A
Set off his own separate debt against the debt due the firm

B
Bind the firm bu giving guarantee

C
Acknowledging the debts due from the firm so as to save limitation

D
All
Question 3
1 / -0

The authority of a partner to bind the firm under the Indian Partnership Act is known as _____________.

A
Implied authority

B
Inferred authoity

C
Statutory authority

D
Delegated authority
Question 4
1 / -0

Partner share profit or loss _______________.

A
Equally

B
Proportionate to their capital

C
As agreed in the partnership deed

D
Based on qualification and experience
Question 5
1 / -0

In the case of loss caused to the firm by fraud or misrepresentation made by a partner, the same shall be borne by ______________.

A
All the partners in their capital ratio

B
All the partners in their profit sharing ratio

C
Defaulting partner only

D
Managing partner only

Solution

In the case of loss caused by fraud or misrepresentation made by a partner the same shall be borne by defaulting partner only.
Question 6
1 / -0

In the case of loss to any party caused by a partner due to negligence or tort the loss shall be borne by ___________________.

A
All the partners in their capital ratio

B
All the partners in their profit sharing ratio

C
By defaulting partner only

D
Managing partner only

Solution

In the case of loss to any party caused by a partnerdue to negligence or tort the loss shallbe borne by all the partners in theie profit sharing ratio.
Question 7
1 / -0

A minor partner can sue the partners for accounts or for payment of his share ___________________.

A
all time

B
after obtaining age of majority

C
only when he wants to serve his connection with the firm

D
after continuous 3 years
Question 8
1 / -0

As per section 14 of the Partnership Act,property and rights and interest in property acquired with the money belonging to the firm are deemed to have been acquired to the firm.Are three any exception to this rule ___________________.

A
Not at all

B
Yes, if contrary intention appears from the contract between the partners

C
If partner unanimously decides otherwise

D
If permitted by Registrar of firms
Question 9
1 / -0

XYZ Associates a partnership firm intends to apply a part of its property for benevolent purpose.Is it permissible under the partnership Act.

A
Not at all

B
Permissible without any restriction

C
Yes subject to contract between the partners to this effect

D
Yes with the approval of Registrar of firms
Question 10
1 / -0

Subject to the contract between the partners, the property of the firm can be held or used ______________________.

A
For the common benefit of the partners

B
Exclusively for the purpose of firms business

C
For payment of liability of the firm

D
All the above

Solution

Subject to the contract between the partners the property of the firm can be held or used exclusively for the purpose of firms business.

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 21

Result

Accounting for Partnership: Basic Concepts Test 21

Score

-

Rank

-

SHARING IS CARING

Question 1

To transfer immovable property belonging to the firm

To hire an advocate to defend a case against the firm

Pledge goods of the firm

Settlement of accounts with third party

Question 2

Set off his own separate debt against the debt due the firm

Bind the firm bu giving guarantee

Acknowledging the debts due from the firm so as to save limitation

All

Question 3

Implied authority

Inferred authoity

Statutory authority

Delegated authority

Question 4

Equally

Proportionate to their capital

As agreed in the partnership deed

Based on qualification and experience

Question 5

All the partners in their capital ratio

All the partners in their profit sharing ratio

Defaulting partner only

Managing partner only

Solution

Question 6

All the partners in their capital ratio

All the partners in their profit sharing ratio

By defaulting partner only

Managing partner only

Solution

Question 7

all time

after obtaining age of majority

only when he wants to serve his connection with the firm

after continuous 3 years

Question 8

Not at all

Yes, if contrary intention appears from the contract between the partners

If partner unanimously decides otherwise

If permitted by Registrar of firms

Question 9

Not at all

Permissible without any restriction

Yes subject to contract between the partners to this effect

Yes with the approval of Registrar of firms

Question 10

For the common benefit of the partners

Exclusively for the purpose of firms business

For payment of liability of the firm

All the above

Solution

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