Steps involved in Establishing Business Test 24

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Steps involved in Establishing Business Test 24

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

Business is treated as a separate entity accounts for ______________.

A
Limited Liability Partnership

B
Partnership

C
Company

D
All of the above

Solution

Accounting is based on certain basic concepts. One of the concept is "Separate Entity Concept". This defines that, for all accounting purposes, the business is considered to be a separate entity distinct from its owners. The transactions of business are recorded in the books of the business and the position of owner in his business will be like other creditors.
This concept applies to all the forms of businesses.
Question 2
1 / -0

Each Partner in a firm is in the position of ________.

A
only agent

B
only principal

C
agent as well as principal

D
neither agent nor principal.

Solution

Option C is the correct answer.
Question 3
1 / -0

M, is employed by PQR Bros., a Partnership Firm. M is entitled to remuneration of Rs. 40,000 p.m. plus 12% on the Profits of the Firm, if profits exceed Rs.10 Lakhs. Here ___________.

A
M is not deemed as a Partner in the Firm

B
M is deemed as a Partner in the Firm

C
the appointment of M is invalid

D
M can claim only Rs. 40,000 p.m. but not share of profits.

Solution

Option A is the correct answer.
Question 4
1 / -0

When no ratio of sharing of profits and losses are given, then profit and losses is shared ________.

A
equally

B
in capital ratio

C
4:1

D
none

Solution

Option A is the correct answer.
Question 5
1 / -0

A was an Employee in a Partnership Firm with a Salary of Rs. 50,000 per month and he will get a Share of 30% in Profits if the Profits ot the Firm exceed Rs.5,00,000. Now W is called ________.

A
partner of the firm

B
not a partner of the firm

C
he cannot take share in profits

D
is not entitled to any salary.

Solution

Option B is the correct answer.
Question 6
1 / -0

The amount received by a partnership firm from the insurance company on the maturity of a Joint Life Policy taken by the firm will be distributed amongst the partner ___________.

A
equally

B
in the profit sharing ratio

C
in the ratio of capital balances at the beginning of the year

D
in the ration of capital balances at the end of the accounting year.

Solution

Option B is the correct answer.
Question 7
1 / -0

As per the agreement, Profits should be shared equally but Loss shall be borne by one Partner. Then the Partnership agreement is_____.

A
lawful

B
illegal

C
void

D
voidable

Solution

Option A is the correct answer.
Question 8
1 / -0

The Mode of determining the existence of Partnership is __________.

A
real relation between them.

B
sharing of profits.

C
ubsiness is to be carried on by all or any of them acting for all.

D
all of the above.

Solution

Option D is the correct answer.
Question 9
1 / -0

In which of the following, the Partnership duration is not fixed?

A
Particular Partnership

B
Partnership at will

C
Fixed term Partnership

D
None of these.

Solution

Option B is the correct answer.
Question 10
1 / -0

Sharing of profits is _________ evidence of existence of Partnership.

A
collaborative

B
confirmative

C
conclusive

D
not a conclusive

Solution

Option D is the correct answer.

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Re-Attempt Weekly Quiz Competition

Steps involved in Establishing Business Test 24

Result

Steps involved in Establishing Business Test 24

Score

-

Rank

-

SHARING IS CARING

Question 1

Limited Liability Partnership

Partnership

Company

All of the above

Solution

Question 2

only agent

only principal

agent as well as principal

neither agent nor principal.

Solution

Question 3

M is not deemed as a Partner in the Firm

M is deemed as a Partner in the Firm

the appointment of M is invalid

M can claim only Rs. 40,000 p.m. but not share of profits.

Solution

Question 4

equally

in capital ratio

4:1

none

Solution

Question 5

partner of the firm

not a partner of the firm

he cannot take share in profits

is not entitled to any salary.

Solution

Question 6

equally

in the profit sharing ratio

in the ratio of capital balances at the beginning of the year

in the ration of capital balances at the end of the accounting year.

Solution

Question 7

lawful

illegal

void

voidable

Solution

Question 8

real relation between them.

sharing of profits.

ubsiness is to be carried on by all or any of them acting for all.

all of the above.

Solution

Question 9

Particular Partnership

Partnership at will

Fixed term Partnership

None of these.

Solution

Question 10

collaborative

confirmative

conclusive

not a conclusive

Solution

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