partnership accounts

Quiz
•
Arts
•
University
•
Medium
Tamil Selvi
Used 117+ times
FREE Resource
10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The minimum number of persons in a partnership firm is
one
two
seven
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a partnership business, agreement is
compulsory
optional
not necessary
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a partnership, partners share their profits and losses in ______ ratio
their capital
equal
agreed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under fixed capital system, the profits and losses of partners will be transferred to their _______ account
current
drawings
capital
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest on capital is calculated on the
Opening Capital
Closing Capital
Average Capital
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Current accounts for partners will be opened under
Fixed capital method
Fluctuating capital method
Either fixed capital method or fluctuating capital method
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the absence of partnership deed, partners shall
be paid salaries
not to be paid salaries
paid salaries to those who work for the firm
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