KG2PG

Q1: 1. In a partnership, the partners agree to share profits and losses in which ratio?

Q2: 2. Which account represents the individual investments made by partners in a partnership?

Q3: 3. What is the term used to describe the amount that each partner is liable for in case of the partnership's debts?

Q4: 4. When a partner withdraws more than their share of profits, it is recorded in which account?

Q5: 5. Which of the following is not an essential element of a partnership deed?

Q6: 6. The method used to divide profits or losses in a partnership is known as

Q7: 7. Which account is used to record the share of profits allocated to partners in a partnership?

Q8: 8. What happens to the partnership's assets in the event of a partner's death or retirement?

Q9: 9. Which type of partnership involves partners who have limited liability for the debts of the business?

Q10: 10. What is the term used to describe the process of admitting a new partner into an existing partnership?

Q11: 11. Which account is used to record the interest on partners' capital in a partnership?

Q12: 12. What is the term used to describe the process of distributing accumulated profits among partners in a partnership?

Q13: 13. Which type of partner actively participates in the management of the partnership but is not liable for its debts?

Q14: 14. What is the term used to describe the process of revaluing the assets and liabilities of a partnership when a new partner is admitted?

Q15: 15. Which account is used to record the share of profits retained in the business for future use in a partnership?

Q16: 16. What is the term used to describe the process of terminating a partnership?

Q17: 17. Which type of partner invests capital in a partnership but remains anonymous to the public?

Q18: 18. What is the term used to describe the share of profits allocated to partners based on their specific agreement in a partnership?

Q19: 19. Which account is used to record the salary or commission payable to partners in a partnership?

Q20: 20. What is the term used to describe the process of adjusting the value of assets and liabilities in a partnership due to changes in market conditions?

Q21: 21. Which type of partner is known to the public but does not have any financial interest in the partnership?

Q22: 22. What is the term used to describe the process of dividing profits among partners in a partnership?

Q23: 23. Which account is used to record the share of profits allocated to partners based on their agreement in a partnership?

Q24: 24. What is the term used to describe the process of calculating the interest on partners' capital in a partnership?

Q25: 25. Which type of partner invests capital in a partnership but does not participate in its management?

Score Summary