Question # 1

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 persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

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

Partnership is formed by the partners.

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Written agreement

Mutual consent

Verbal agreement

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)

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

Partnership is formed under the act of.

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1984

1932

1912

1962

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

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

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

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

Current accout of the partners should be opened when the capitals are.

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Fluctuating

Fixed

Either fixed or fluctuating

Neither fixed or fluctuating

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

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

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

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