Question # 1

In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.

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5 persent

6 persent

8 persent

9 persent

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

A partner who takes an active part in the managment of the firm is called.

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Active partner

Sleeping partner

Norminal partner

Quasi partner

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

A partner does not take an acitive partner is the managment firm is called.

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Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

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Capitals

Profit and loss ratios

Equality

Time devoted by each partner

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

Capital of the partners are maintained under.

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Fixed capital method

Fluctuating method

By any two of the above

None of the above

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

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Principles of Accounting Icom Part 2 English Medium Chapter 4 Online Test MCQs With Answers

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