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Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 2 – Accounting for Partnership – Basic Concepts – Set 1

Free MCQ’s Quiz for Class 12 Accountancy Part 1 Chapter 2 – Accounting for Partnership – Basic Concepts with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 12th Accountancy – ‘Accounting for Partnership – Basic Concepts’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 2 – Accounting for Partnership – Basic Concepts. Due to the limitations of a sole proprietorship, such as limited cash, limited managerial skills, and a small scale of business, which implies greater risk due to unrestricted liability, the necessity for a partnership arises. A partnership is a trusting and believing relationship. There are certain differences between the accounts prepared by a partnership firm and those prepared by a sole proprietorship firm. The essential features of partnership accounting also include maintenance of capital accounts for partners, the distribution of profits to partners, and so on.

To make you perfect in this topic – Accounting for Partnership – Basic Concepts, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Accounting for Partnership – Basic Concepts.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Accounting for Partnership – Basic Concepts

Results

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#1. In the absence of a partnership deed profit sharing ratio will be:

#2. Which of the following is not the content of the partnership deed?

#3. Interest on capital will be given to the partners in the absence of partnership deed at

#4. It is better to have the agreement in writing to avoid any____.

#5. Under the Indian partnership act of 1932, the partners in a partnership firm have ___ liability.

#6. Under the fixed capital method, interest on capital accounts of partners is to be credited to:

#7. Which of the following is not a characteristic of a partnership?

#8. If capital is ____, current accounts are opened.

#9. Partnership Deed is also called as?

#10. What is the maximum number of partners that can be in an ordinary partnership?

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