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

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

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

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

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Fluctuating capitals

Fixed capitals

Current capitals

None of these

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

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

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

Current accoujts of the partners should be opened when the capital are.

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Fixed

Fluctuating

Either fixed or fluctuating

None of these

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

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

Interest on drawing is debited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

In case of banking business, the numerb of persons must not exceed.

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Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

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

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