The name under which the business of a firm is carried on is called the ____________

(a)

Company name

(b)

Firm name

(c)

Partnership firm

(d)

Partner's name

The profit or loss arising from the partnership business is shared by the partners in the ___________

(a)

old ratio

(b)

new ratio

(c)

agreed ratio

(d)

sacrifice ratio

In India, partnership firms are governed by the Indian partnership Act ___________

(a)

1932

(b)

1930

(c)

1992

(d)

1986

The maximum number of partners in a partnership firm is ________

(a)

25

(b)

10

(c)

30

(d)

50

In sole proprietorship, the profit or loss in the profit and loss account is transferred directly to the sole proprietor's ___________

(a)

drawings account

(b)

capital account

(c)

loan account

(d)

salary account

The balance in the appropriation account is transferred to the partner's capital account in the ________

(a)

agree ratio

(b)

sacrifice ratio

(c)

profit sharing ratio

(d)

old ratio

Capital account balance of the sole proprietor alone as shown in the balance sheet of ________

(a)

Sole proprietorship

(b)

Partnership

(c)

Joint Hindu family

(d)

Company

Amount invested by partners in the partnership business is called __________

(a)

Owner's capital

(b)

Partner's capital

(c)

Profit and loss appropriation

(d)

None of these

Which of the following method, the capital of the partners is not altered and it remains generally fixed?

(a)

Fixed capital method

(b)

Fluctuating capital method

(c)

Both 'a' and 'b'

(d)

None of these

All the transactions between the partner and the firm are recorded in the _________

(a)

capital account

(b)

drawings account

(c)

profit and loss account

(d)

revaluation account

The rate of interest on capital is generally agreed by the partners and is mentioned in the _________

(a)

capital account

(b)

profit and loss account

(c)

partnership deed

(d)

none of these

Interest on capital is to be calculated on the capitals at the beginning for the ____________

(a)

particular period

(b)

relevant period

(c)

average period

(d)

all of these

Period of interest refers to the period from the date of drawings to the closing date of the __________

(a)

opening year

(b)

closing year

(c)

previous year

(d)

accounting year

Product method can be used in all situations as an alternative to ____________

(a)

average period

(b)

direct method

(c)

both 'a' and 'b'

(d)

none of these

The persons who entered into partnership are collectively known as _____________

(a)

Partners

(b)

Owners

(c)

Firm

(d)

Organisation