Steps involved in Establishing Business Test 4

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Steps involved in Establishing Business Test 4

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Weekly Quiz Competition

Question 1
1 / -0

Firm is automatically and compulsory dissolve, if _________.

A
All partners, or all but one partner, of firm are declared insolvent

B
Some event happens which makes it unlawful for business of the firm to be carried on or for the partners to carry it on in partnership

C
(A) or (B)

D
None of the above
Question 2
1 / -0

Which of the following is prepared only at the time of dissolution of the firm?

A
Revaluation Account

B
Realization Account

C
Profit & Loss Adjustment Account

D
All of the above
Question 3
1 / -0

A firm is compulsory dissolved if ___________.

A
All partners are adjudicated insolvent

B
All of the partners but one, are adjudicated insolvent

C
Both (A) & (B)

D
Either (A) or (B)
Question 4
1 / -0

If at the time of admission partner pays premium then on dissolution, he is entitled to demand the return of a proportion of the premium if the partnership was for a fixed term and was dissolved before the expiry of that term, unless dissolution was caused by ___________________.

A
Agreement

B
Misconduct of the party seeking return of the premium

C
Death of a partner

D
All of the above
Question 5
1 / -0

Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall then be applied in payment of partners capital and still surplus remains it should used for _________.

A
In paying the debts of the firm to third parties

B
Payment of partners loan

C
Payment of partners capital

D
Distribution of surplus to partners in profit sharing ratip
Question 6
1 / -0

In which of the following case, the Court may, at the suit of a partner, dissolve a firm?

A
If it can be proved to the satisfaction of the court that it is just and equitable to dissolve the firm

B
If a partner has become of unsound mind and any other partner or next friend of insane partner files petition for dissolution of firm

C
Partner conducts himself in such a way that it is not reasonably practicable for the other partners to carry on business in partnership with him

D
All of the above
Question 7
1 / -0

Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter he applied in __________.

A
In paying the debts of the firm to third parties

B
Payment of partners loan

C
Payment of partners capital

D
Distribution of surplus to partners in profit sharing ratio
Question 8
1 / -0

A firm may be dissolve where ___________ that it shall be dissolved.

A
All the partners agree

B
Majority of partners agree

C
Partners by majority agree

D
$$3/4$$th partners agree
Question 9
1 / -0

In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?

A
By the expiry of the fixed term for which the partnership was formed

B
By the completion of the adventure

C
By the death of a partner

D
All of the above
Question 10
1 / -0

In order for a firm to successfully carry out price discrimination which of the following conditions must hold?
I. The fine should not face a downward sloping demand curve
II. The firm must have a market power
III. Buyers with differing demand must be separable.
IV. The firm must have motives beyond profit maximization.
V. The firm must able to prevent the re-sale of its product.

A
I, III & V only

B
III & IV only

C
l & IV only

D
II, III & V only

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Steps involved in Establishing Business Test 4

Result

Steps involved in Establishing Business Test 4

Score

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Rank

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SHARING IS CARING

Question 1

All partners, or all but one partner, of firm are declared insolvent

Some event happens which makes it unlawful for business of the firm to be carried on or for the partners to carry it on in partnership

(A) or (B)

None of the above

Question 2

Revaluation Account

Realization Account

Profit & Loss Adjustment Account

All of the above

Question 3

All partners are adjudicated insolvent

All of the partners but one, are adjudicated insolvent

Both (A) & (B)

Either (A) or (B)

Question 4

Agreement

Misconduct of the party seeking return of the premium

Death of a partner

All of the above

Question 5

In paying the debts of the firm to third parties

Payment of partners loan

Payment of partners capital

Distribution of surplus to partners in profit sharing ratip

Question 6

If it can be proved to the satisfaction of the court that it is just and equitable to dissolve the firm

If a partner has become of unsound mind and any other partner or next friend of insane partner files petition for dissolution of firm

Partner conducts himself in such a way that it is not reasonably practicable for the other partners to carry on business in partnership with him

All of the above

Question 7

In paying the debts of the firm to third parties

Payment of partners loan

Payment of partners capital

Distribution of surplus to partners in profit sharing ratio

Question 8

All the partners agree

Majority of partners agree

Partners by majority agree

$$3/4$$th partners agree

Question 9

By the expiry of the fixed term for which the partnership was formed

By the completion of the adventure

By the death of a partner

All of the above

Question 10

I, III & V only

III & IV only

l & IV only

II, III & V only

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