12th class Principle of Accounting chapter 4 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 4 (Accounts of Join Stock Companies)

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Sr.#	Question	Answer
1	In partnership minimum limit of partners is.	A. Two (02) B. Five(5) C. Ten (10) D. Tweleve (12)
2	For the firm, interest on drawing is.	A. Expense B. Income C. Liability D. None of these
3	Current accoujts of the partners should be opened when the capital are.	A. Fixed B. Fluctuating C. Either fixed or fluctuating D. None of these
4	In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.	A. 5 persent B. 6 persent C. 8 persent D. 9 persent
5	Registraion of the firm.	A. It is legally necessary B. It is optional C. It depends on the will of the partners D. It depends uopon the will of theemployee
6	A partner does not take an acitive partner is the managment firm is called.	A. Active partner B. Sinior partner C. Darment of sleeping partner D. Nominal partner
7	Maximum numebr of the partners in an ordinary Partinership.	A. Ten partners B. Twentry partners C. Thirty partners D. Fourth partners
8	In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.	A. Capitals B. Profit and loss ratios C. Equality D. Time devoted by each partner
9	The owner of the partnership are called as.	A. Member B. Partners C. Share holder D. None of these
10	A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.	A. Active partner B. Sleeping partner C. Secrete partner D. None of these