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

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

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Limited company

Un limited company

Company limited by guarantee

Chartered company

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

The asses which have physical existence are called.

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Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible assets

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

The amount of good will broght in cash by nw partner will be credited to old partner in.

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

In case of retirement the amount of the general reserve any other profit is credited to all partners in.

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Sacrificing Ratios

New profit sharing ratios

Old prift sharing ratios

Gaining ratios

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