Live MCQs Mock Test of Fundamentals of Parntership (Definition & Nature) (Quiz – 2) Post author:Anurag Pathak Post published:September 22, 2025 Post category:Uncategorized Post comments:0 Comments Live MCQs Mock Test of Fundamentals of Partnership (Definition & Nature) (Quiz – 2) 12345678910111213 Fundamentals of Partnership (Definition & Nature) (Quiz - 2) 1 / 13 Neha and Suresh start an online tutoring platform. Suresh funds the venture, while Neha conducts the tutoring sessions. They have a formal agreement to split profits equally. Which legal term applies to Neha and Suresh under the Indian Partnership Act, 1932? Business collaborators Partners Directors Sole proprietors 2 / 13 A, B, and C run a Bag Manufacturing company Named ABC Enterprises. the Firm cheated a vendor. The vendor now wants to take legal action. Whom he would register FIR against for fraud. ABC enterprises Partner B All Partners Partners A and C 3 / 13 Amit, Rahul, and Sneha start a bakery business under the name Sweet Crumbs." According to partnership law, what does "Sweet Crumbs" represent? Trademark Business License Firm Name Partnership Agreement the definition of the partnership is mentioned under section 4 of the indian partnership Act, 1932 4 / 13 Under which section of the Indian Partnership Act, 1932 the definition of the partnership is mentioned. Section - 2 Section - 4 Section - 6 Section -11 5 / 13 Meera and Sohail run a partnership firm, "MS Consultants." Due to financial mismanagement, the firm is unable to pay its debts. From a legal point of view, who is responsible for the liability? Only the firm "MS Consultants" The government will settle the debts Meera and Sohail, since the firm is not a separate legal entity from its partners The firm’s employees, as they handle financial transactions 6 / 13 Neha and Arjun run a marketing agency, "NA Solutions." According to accounting principles, how should expenses incurred for client projects be recorded? As personal expenses in Neha and Arjun’s accounts Under "NA Solutions" as a separate business entity Divided equally between Neha and Arjun without using business records Divided equally between Neha and Arjun without using business records 7 / 13 As per which Accounting principle the all transactions are recorded with business point of view in a partnership firm Full Disclosure Principle Business Entity Principle Accounting Entity Principle Historical cost Principle 8 / 13 Priya and Vikram open a consulting firm. Priya handles client relations, while Vikram manages operations. Their agreement states they will share profits but work independently. According to the Indian Partnership Act, 1932, which statement is true? Priya and Vikram are partners since they have entered into a partnership agreement. Priya is an employee, and Vikram is the sole owner They must register as a private limited company Since they do not operate jointly, they are not partners 9 / 13 A, B, and C run a Bag Manufacturing company Named ABC Enterprises. Partner B cheated a vendor. The vendor now wants to take legal action. Whom he would register FIR against for fraud. ABC enterprises Partner B All Partners Partner A and C 10 / 13 Karan and Suman operate "KS Legal Advisors," a partnership firm. If the firm is involved in fraudulent activity, who will face legal action? The firm "KS Legal Advisors" as a separate legal entity Karan and Suman personally, as they are legally responsible for firm-related misconduct Only Karan, since he manages client interactions The suppliers working with KS Legal Advisors 11 / 13 Amit and Raj establish a trading firm, "AR Traders." From the business point of view, how should transactions be recorded in their firm's accounts? As personal expenses of Amit and Raj Separately under the firm's name, treating it as an independent entity Only in Amit’s financial records since he manages the transactions As mixed transactions under both personal and business records 12 / 13 Meera and Priyansh establish a clothing business and decide to operate under the name "Elite Fashion." As per the Indian Partnership Act, 1932, why is "Elite Fashion" important in their partnership? It legally binds them to pay corporate tax It is their brand identity under which they conduct business It determines how profits will be distributed It replaces the need for a partnership agreement 13 / 13 Ravi and Priya form "RP Enterprises," a partnership firm selling electronics. As per the Business Entity Principle, how should their profits be recorded? Under their individual personal accounts Recorded under "RP Enterprises" as an independent business entity Split directly into their savings accounts without recording in business books Considered government revenue since it involves sales Your score isThe average score is 46% You Might Also Like Live MCQs Mock Test Fundamentals of Partnership (Definition & Nature) with Result (Free) September 16, 2025 CUET Mock Test of Fundamentals of Partnership (Rules in the Absence of Partnership Deed) – 1 October 16, 2025 Live MCQs of Fundamentals of Partnership (Rights and Liabilities of a Partners October 13, 2025 Leave a Reply Cancel replyCommentEnter your name or username to comment Enter your email address to comment Enter your website URL (optional) Save my name, email, and website in this browser for the next time I comment.
Live MCQs Mock Test Fundamentals of Partnership (Definition & Nature) with Result (Free) September 16, 2025
CUET Mock Test of Fundamentals of Partnership (Rules in the Absence of Partnership Deed) – 1 October 16, 2025