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	The owner of the partnership are called as.	A. Member B. Partners C. Share holder D. None of these
2	A partner who is newly admitted to the firm with the consent of all the parties is called.	A. Salaried partner B. Incoming partner C. Junior partner D. Minor partner
3	Maximum numebr of the partners in an ordinary Partinership.	A. Ten partners B. Twentry partners C. Thirty partners D. Fourth partners
4	Current accout of the partners should be opened when the capitals are.	A. Fluctuating B. Fixed C. Either fixed or fluctuating D. Neither fixed or fluctuating
5	Investment in partnership is made byintroducing.	A. Cash B. Non cash assets C. Cash or non cash assets D. None of these
6	In the absence of an agreement partners shall	A. Be paid salaries B. Not to be paid the salaries C. Be paid salaries by the consent of the pariners D. Be paid salaris to thos who worked for the firm
7	For the firm, interest on drawing is.	A. Expense B. Income C. Liability D. None of these
8	Partnership is formed under the act of.	A. 1984 B. 1932 C. 1912 D. 1962
9	A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.	A. Senior partner B. Junior partner C. quast partner D. Nominal patner
10	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