Partnership Accounting

Partnership Accounting

University

25 Qs

quiz-placeholder

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Partnership Accounting

Partnership Accounting

Assessment

Quiz

Business

University

Medium

Created by

Antoinette Grant

Used 52+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many people can make up a partnership?

2-22

2-20

2

2-12

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of partner is outlined below:


A partner with unlimited liability for all the business debts

Active/General

Sleeping

Limited

Named

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of partner is outlined below:


A partner not involved in the day-to-day running of the business

Active/General

Limited

Liability

Sleeping

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of control each parter has is determined formally through a legal document known as a....

Partnership Staus

Partnership Agreement

Partnership Legality

Partnership Creed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an element of a Partnership Agreement?

Rights and duties of each partner

Division of profit and losses

Salaries (if any) to be paid to partners

Partner debit card PIN codes in case of emergency

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if there is no partnership agreement in writing?

The partnership cannot legally exist

The partner who invested the most equity automatically has the deciding vote

The government will provide 30 days notice to create a partnership agreement

The Partnership Act 1890 will automatically apply

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an advantage of forming a partnership?

Sharing of management and control

Opportunities for specialisation

More finance than a sole trader, and greater borrowing power

Higher chance of arguments

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