Accounting for Partnership: Basic Concepts Test 8

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Accounting for Partnership: Basic Concepts Test 8

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

According to the Companies Act, 2013 the paid up capital of a 'Small Company' does not exceed _____________.

A
Rs 100 crore

B
Rs 100 lakh

C
Rs 50 crore

D
Rs 50 lakh
Question 2
1 / -0

To understand partnership accounts properly, how many methods can be used for transactions and events?

A
Only one method

B
Two methods

C
Three methods

D
Four methods

Solution

There are two methods of accounting:
i. Fixed capital method, and
ii. Fluctuating capital method
Question 3
1 / -0

According to the provisions of the New Company Act, 2013, the 'Corporate Identity Number'(CIN) shall be included in ____________________.

A
The Register of Registered Companies

B
The Certificate of Incorporation

C
The documents of MCA

D
All of the above
Question 4
1 / -0

According to the Companies Act, 2013 'Cash flow statement' is not included in Financial Statements for _________________.

A
One Person Company

B
Dormant Company

C
Small Company

D
All of the above
Question 5
1 / -0

Which of the following is not correct ?

A
In case of Fluctuating Capital System, there is only one Capital Account for each partner.

B
In the absence of partnership deed, every partner is entitled to share profit or loss equally.

C
A joint venture is known as partnership under the Partnership Act, 1932.

D
Partnership deed is an oral or a written agreement.
Question 6
1 / -0

Which one of the following is correct ?

A
The authority of a partner to bind the third is called his implied authority

B
Implied authority can be restricted or extended by mutual agreement

C
For wrongful acts of a partner, the firm is not liable to the same extent as the partners

D
None of the above
Question 7
1 / -0

Consider the following statements :
1.Every partner cannot take part in the conduct of the business.
2.Every partner has a right to have access to and inspect and copy only the accounts books of the firm.
3.A minor partner is personally liable to the third party.
Which of the above statement/s is/are not true ?

A
2 and 3

B
Only 3

C
Only 1

D
1, 2 and 3
Question 8
1 / -0

A limited liability partnership is a body corporate with legal personality.

A
Yes

B
No

C
Cant say

D
None of the above

Solution

A limited liability partnership is a body corporate and therefore a separate legal entity and an LLP member's liability is limited. However, like a partnership the relationship between the LLP members is governed by private agreement.
Question 9
1 / -0

Partnership is the relation between _________________________.

A
Person who have agreed to share the profit of a business carried on by all or any of them acting for all

B
Partner or customer

C
Partners

D
Customers
Question 10
1 / -0

The Indian Partnership Act came into force on ________________.

A
1st October, 1932

B
1st July, 1930

C
1st June, 1936

D
1st June, 1940

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 8

Result

Accounting for Partnership: Basic Concepts Test 8

Score

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Rank

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SHARING IS CARING

Question 1

Rs 100 crore

Rs 100 lakh

Rs 50 crore

Rs 50 lakh

Question 2

Only one method

Two methods

Three methods

Four methods

Solution

Question 3

The Register of Registered Companies

The Certificate of Incorporation

The documents of MCA

All of the above

Question 4

One Person Company

Dormant Company

Small Company

All of the above

Question 5

In case of Fluctuating Capital System, there is only one Capital Account for each partner.

In the absence of partnership deed, every partner is entitled to share profit or loss equally.

A joint venture is known as partnership under the Partnership Act, 1932.

Partnership deed is an oral or a written agreement.

Question 6

The authority of a partner to bind the third is called his implied authority

Implied authority can be restricted or extended by mutual agreement

For wrongful acts of a partner, the firm is not liable to the same extent as the partners

None of the above

Question 7

2 and 3

Only 3

Only 1

1, 2 and 3

Question 8

Yes

No

Cant say

None of the above

Solution

Question 9

Person who have agreed to share the profit of a business carried on by all or any of them acting for all

Partner or customer

Partners

Customers

Question 10

1st October, 1932

1st July, 1930

1st June, 1936

1st June, 1940

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