1. : In the banking sector, the maximum number of persons are:
(A) 20
(B) 25
(C) 10
(D) 28
2. : In partnership account, the persons who entered in the account are collectively known as:
(A) Promoters
(B) Agents
(C) Partners
(D) A firm
3. : Interest on drawings in the firm is?
(A) Expense
(B) Liability
(C) Expense
(D) Income
4. : The partner’s current account will always have a:
(A) Debit balance
(B) Credit balance
(C) None of the above
(D) May have a credit or debit balance
5. : When an agreement is absent, partners shall:
(A) Not be paid salaries
(B) Be paid salaries
(C) Paid to them who work in the firm
(D) All of the above
6. : Goodwill is called:
(A) A current asset
(B) A tangible asset
(C) An intangible asset
(D) Fictitious asset
7. : If the actual earning is more than normal earning, then it is termed as:
(A) Remuneration
(B) Super profit
(C) Goodwill
(D) A and C
8. : If the old profit sharing ratio is subtracted from the new profit sharing ratio, then it is equal to:
(A) Capital ratio
(B) Non-profitable ratio
(C) Ratio of gain
(D) Sacrificing ratio
9. : The partners who contribute in the firm business are called:
(A) Profit
(B) Capital
(C) Property
(D) Share
10. : If the business is affecting, all members have a right to be consulted in:
(A) Joint stock company
(B) Owner
(C) Sole-proprietorship
(D) Partnership
11. : On the drawings, the interest is debited to:
(A) Partners profit account
(B) Partners drawing account
(C) Partners capital account
(D) Partners income account
12. : The salaries of partners are debited to:
(A) Profit and loss appropriation account
(B) Profit and loss account
(C) Trading account
(D) Income and Expenditure account
