Financial Accounting 2 MCQs

R

Ranjeet • 30.27K Points
Instructor I

Q 41. For the firm interest on drawing is:

(A) expense
(B) income
(C) liability
(D) none

A

Admin • 32.61K Points
Instructor I

Q 42. Every partner has a right to be consulted in all matters affecting the business of:

(A) sole-tradership
(B) partnership
(C) jsc
(D) both (a) and (b)

S

Shiva Ram • 26.21K Points
Instructor II

Q 43. The agreement among partners which set out the terms on which they had agreed to form a partnership is called:

(A) partnership deed
(B) partnership at will
(C) none of these
(D) arbitration clause

V

Vinay • 24.32K Points
Instructor III

Q 44. A person who receives a share of profits from one of the regular partner is called:

(A) secret partner
(B) quasi
(C) partner in profit only
(D) sub – partner

R

Ram Sharma • 193.65K Points
Coach

Q 45. A person who declares by word of mouth as partner of the firm is called:

(A) active partner
(B) estople partner
(C) dormant partner
(D) nominal partner

R

Ranjeet • 30.27K Points
Instructor I

Q 46. If no provision is made in agreement regarding the duration of the partnership:

(A) limited partnership
(B) partnership at will
(C) none
(D) particular partnership

R

Rakesh Kumar • 24.11K Points
Instructor III

Q 47. The persons who have entered into a partnership business are individually called:

(A) vender
(B) agents
(C) partners
(D) a firm

R

Rakesh Kumar • 24.11K Points
Instructor III

Q 48. The persons who have entered into a partnership business are individually called:

(A) realization a/c
(B) partners capital a/c
(C) sundry debtors
(D) provision for bad debts a/c

R

Ranjeet • 30.27K Points
Instructor I

Q 49. When all partners are insolvent creditors will be:

(A) paid fully
(B) paid rate ably
(C) taken over by the partners
(D) paid by government

V

Vinay • 24.32K Points
Instructor III

Q 50. Loss on realization is:

(A) debited to partners capital a/c
(B) credited to partners capital a/c
(C) debited to realization a/c
(D) credited to realization a/c

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