L3 Partnerships Part 1
Authored by Sian Pearson
Business
12th Grade
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14 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
If a partnership agreement is non-existent or silent on profit sharing the Partnership Act requires _____ share of the profits.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Select all the reasons why profit is shared between the partners
To recognise their capital contributions
To recognise the labour they have provided
To recognise their specialist skills
To recognise the entrepreneurship or risk they have taken
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is not an equity account (that has the partner's name attached) in a partnership?
Capital
Bank
Current
Drawings
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital accounts are always in...
Credit
Debit
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The capital account records the capital _____ of the partner
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Drawings accounts are negative equity. This means they are always...
Debit
Credit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a current account is a credit, this means...
profit has been retained in the partnership
drawings have been greater than profit share
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