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Partnership grade 10

Authored by Lovely Tejdamulja

Other, Business

10th - 12th Grade

Used 2+ times

Partnership grade 10
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13 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a disadvantage of operating a business as a partnership?

Partners may not agree on how to run the business.

Partners may not have the same skills.

The financial statements must be published.

The risks and responsibilities are shared.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What was the closing balance on his current account?

$30 000

$38 000

$40 800

$43 600

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

How are these recorded in the ledger accounts of the partner?

A

B

C

D

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

John and Mark are in partnership. Profits and losses are shared in the ratio 3 : 2. John is entitled to an annual salary of $12 000. The profit for the year ended 31 August 2020 was $52 000.

How much would be credited to the partners’ current accounts on 31 August 2020?

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors.

What should appear as the closing balance on Owen’s capital account?

$75 000

$100 000

$105 000

$130 000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an advantage of forming a partnership?

Decisions have to be recognised by all partners

Each partner is responsible for actions of other partners.

Profits have to be shared among the partners.

Responsibilities can be shared between the partners.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Hassin found that he needed help to run his business. He decided to take a partner rather than employ an assistant.

Why did he decide to take a partner?

1 An assistant would not interfere with how the shop was run.

2 An assistant would not share risk.

3 A partner would introduce some additional capital.

4 A partner would take a share of the profit.

1 and 3

1 and 4

2 and 3

2 and 4

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