Accountancy for Class XII - Accounting for Partnership: Basic Concepts
Ready to take the quiz?
Test takers will enter name and email before starting.
Preview questions
1. What is the primary characteristic of a partnership?
Limited liability · Mutual agency · Perpetual succession · Single ownership
2. In a partnership, profits are distributed based on which of the following?
Equal shares · Capital contribution · Mutual agreement · Time invested
3. Which of the following is NOT a type of partnership?
General partnership · Limited partnership · Silent partnership · Joint venture
4. What document outlines the terms of a partnership?
Memorandum of Association · Partnership deed · Articles of Association · Shareholder agreement
5. In a partnership, which account is used to record the capital contributed by partners?
Profit and Loss Account · Capital Account · Current Account · Drawings Account
Related quizzes
View all AccountancyFinancial Statements of a Company - Class XII Accountancy Quiz
Financial Statements of a Company
Cash Flow Statement Quiz
Cash Flow Statement
Accounting Ratios Quiz
Accounting Ratios
Accountancy Part II - Analysis of Financial Statements Quiz
Analysis of Financial Statements
Financial Statements of a Company - Class XII Accountancy Quiz
Financial Statements of a Company
Accountancy Quiz on Issue and Redemption of Debentures
Issue and Redemption of Debentures