PU COM 2026 Partnership Accounts Free Quiz 1

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PU COM 2026 Partnership Accounts Free Quiz 1

PU COM Quiz

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Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. What is a partnership?

A. Two or more persons sharing profits B. Sole proprietorship C. Joint stock company D. Cooperative society

2. What is the written agreement between partners called?

A. Contract B. Partnership deed C. Agreement D. Memorandum

3. What are capital accounts in partnerships?

A. Always fixed B. Always fluctuating C. Fixed or fluctuating D. Variable

4. What is the proportion in which partners share profits?

A. Capital ratio B. Drawing ratio C. Interest ratio D. Profit-sharing ratio

5. What do old partners do when a new partner is admitted?

A. Sacrifice B. Gain C. Bonus D. Goodwill

6. What is the intangible value of a business called?

A. Tangible assets B. Goodwill C. Capital D. Reserves

7. What is a retiring partner paid?

A. Bonus B. Commission C. Capital and goodwill D. Interest

8. What is the termination of a partnership called?

A. Admission B. Retirement C. Death D. Dissolution

9. What happens to the surplus on dissolution?

A. Distributed to partners B. Retained in the business C. Paid to creditors D. Donated

10. How is interest on partners' capital calculated?

A. Closing balance B. Opening balance C. Average balance D. Drawing balance

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