
Change in profit sharing ratio

Quiz
•
Professional Development
•
12th Grade
•
Hard
Harshita kumar
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by "Profit Sharing Ratio" in a partnership?
The ratio in which partners share their profits
The ratio in which partners contribute capital
The ratio in which partners share losses
The ratio in which partners contribute assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When might a change in the profit sharing ratio occur?
When a new partner is admitted
When a partner retires
When there is a change in the partnership agreement
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true regarding a change in the profit sharing ratio?
It requires the consent of all partners
It does not affect the distribution of profits
It affects only the existing partners, not new ones
It cannot be done once the partnership is formed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the new profit sharing ratio determined when there is a change?
By mutual agreement among partners
Based on the capital contributed by each partner
By the amount of work each partner does
By the seniority of each partner in the firm
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the consequences of a change in the profit sharing ratio?
It may affect the amount of capital each partner has invested
It may affect the distribution of profits and losses
It may change the decision-making power of partners
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a reason for a change in the profit sharing ratio?
Introduction of a new partner
Retirement of a partner
Death of a partner
Profit decrease in the firm
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