Intro to Partnership

Intro to Partnership

University

10 Qs

quiz-placeholder

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Intro to Partnership

Intro to Partnership

Assessment

Quiz

Education

University

Medium

Created by

Syahira Nadhirah

Used 3+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum number of persons allowed in a partnership?

2

20

Unlimited

30

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership is restricted to certain business activities.

True

False

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of these does not include in partnership agreement?

Interest on drawings

Interest on capital

Profit and loss sharing ratio

Interest on loss

Interest on profit

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are the ADVANTAGES of partnership?

Unlimited liability

Minimal documentation and paperwork

Easy decision making

Difficult decision making

Easy to set up

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Interest on drawings is charged to the partners to prevent the partners from taking too much cash for personal use.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the entry to record investment of each partner?

Dr Appropriate assets acc

Cr Capital acc

Dr Capital acc

Cr Appropriate assets acc

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Current account is a ______ of the capital account to accumulate all changes to each partners equity.

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