Partnership Accounts

Partnership Accounts

9th - 12th Grade

15 Qs

quiz-placeholder

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Partnership Accounts

Partnership Accounts

Assessment

Quiz

Business

9th - 12th Grade

Hard

Created by

Poushali Roy

Used 14+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership business prepares

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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