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 document that outlines the terms of a partnership?
Partnership Deed · Memorandum of Association · Articles of Association · Shareholder Agreement
2. Which of the following is NOT a characteristic of a partnership?
Limited liability · Mutual agency · Profit sharing · Voluntary association
3. In a partnership, the profit-sharing ratio can be altered by which of the following?
Unanimous consent of partners · Majority vote · Decision of the managing partner · Legal mandate
4. What is the default profit-sharing ratio in the absence of a specified ratio in the partnership deed?
Equal ratio · Capital contribution ratio · Time devoted ratio · Market value ratio
5. Which of the following is true regarding the liability of partners in a partnership?
Partners have unlimited liability · Partners have limited liability · Partners' liability is restricted to their capital contribution · Partners are not liable for business debts
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