MCQ Questions on Partnership: Below, You will find a list of Commerce MCQ Questions as per the latest prescribed syllabus. Ace up your preparation with the Objective Questions available on Partnership and enhance your subject knowledge. Understand the concept clearly by consistently practicing the Multiple Choice Questions and score well in your exams.
MCQ Questions on Partnership
1. To start a partnership business, what should be the minimum number of partners?
(a) 2
(b) 10
(c) 4
(d) 20
Answer
Answer: (a)
2. What type of agreement is used to form a partnership business?
(a) Written agreement
(b) Oral agreement
(c) Written or oral agreement
(d) None of them
Answer
Answer: (c)
3. In partnership, partners liabilities are
(a) Unlimited
(b) Limited to the capital of the business
(c) Limited
(d) Both A and C
Answer
Answer: (a)
4. Is a partnership firm examined as an individual a legal entity?
(a) No
(b) Yes
(c) Partially Yes
Answer
Answer: (a)
5. What is interest on drawings?
(a) Credited to partner’s current a/c
(b) Not shown in current account
(c) Debited to partner’s current a/c
(d) None of the above
Answer
Answer: (c)
6. What is the partnership written agreement known as?:
(a) Partnership contract
(b) Agreement
(c) Partnership deed
(d) Partnership Act
Answer
Answer: (c)
7. No partnership agreement, what will be the percentage of profit sharing ratio between them?
(a) Unequal
(b) Equal
(c) It will depend on the experience of a partner
(d) It will depend on a partner’s capital
Answer
Answer: (b)
8. Which is not a feature of a partnership business?
(a) Ease of formation
(b) Limited liability
(c) Limited life
(d) Mutual agency
Answer
Answer: (b)
9. Which kind of partnership one partner has unlimited liability and other partner have limited liability?
(a) Partnership-at-will
(b) Limited partnership
(c) General partnership
(d) Particular partnership
Answer
Answer: (b)
10. Which types of partnership have no agreement in terms of the duration of partnership?
(a) Partnership-at-will
(b) Limited partnership
(c) General partnership
(d) Particular partnership
Answer
Answer: (a)