A partnership business prepares
Partnership Accounts

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Poushali Roy
Used 14+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income statement
Financial statement
Profit & Loss Appropriation Account
All 3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Residual profit or Divisible profit means
Net profit
Profit distributed among partners
Gross profit
Net Profit plus drawings
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Advantage of parnership business are
Risk and responsibility are shared
Additional finance is available
Additional knowledge and skill
All 3
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Disadvantage of Parnership are
Profit is shared
Disagreement between partners
Longer time spent on decision making
All 3
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Partnership agreement states
the amount of capital invested
Profit sharing ratio
Partners salary
Interest on capital, drawings and loan
All
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest on loan from Partner is debited to
Income statement
Profit & loss Appropriation Account
Partner's Capital account
Statement of Financial Statement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Current Account does not include
Interest on drawings & capital
Partners salary
Interest on loan when not paid
Share of profit /loss
Capital invested by partners
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