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- 1. Multiple Choice
Number of partners in a partnership firm may be
Maximum two
Maximum ten
Maximum one hundred
Maximum fifty
- 2. Multiple Choice
If the capital of a business is ₹ 5,00,000 and outside liabilities are ₹200,000. Calculate total assets of the business.
3,00,000
7,00,000
10,00,000
2,50,000
- 3. Multiple Choice
Amount which the proprietor has invested in a business is known as ......
Capital
Liability
Asset
Expenses
- 4. Multiple Choice
Amount which the firm owes to outsiders is known as.....
Capital
Expenses
Liability
Asset
- 5. Multiple Choice
Current Liabilities include:
Bills Payable
Creditors
Outstanding Expenses
All of the above
- 6. Multiple Choice
Assets held for continued use in the business and not meant for resale are termed as..........
Fixed asset
Current Asset
Tangible asset
Intangible Asset
- 7. Multiple Choice
.......... are those assets which have a physical existence and which can be seen or felt.
Current Asset
Wasteful Asset
Intangible Asset
Tangible Asset
- 8. Multiple Choice
Amount withdrawn by the owner for personal use......
Capital
Asset
Drawings
Liability
- 9. Multiple Choice
In the absence of partnerships deed profit will he shared
Equal ratio
Capital ratio
Both
None of these
- 10. Multiple Choice
In the absence of an agreement, int. On capital is
Not allowed
Allowed at bank rate
Allowed @ 5%
6%
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