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CA Foundation Partnership — practice questions — page 3

Explore 73 free Partnership questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Partnership questions and exercises with answers

Showing questions 61–73 of 73.

A partnership whose duration is set by contract is called?Read the answer and worked solution →A partnership formed for a single adventure is called a?Read the answer and worked solution →Without public notice of dissolution, partners remain liable for firm acts after dissolution?Read the answer and worked solution →After dissolution, firm property is first applied to pay what?Read the answer and worked solution →Under Indian law, an LLP is what, relative to its partners?Read the answer and worked solution →An Indian LLP enjoys which feature that an ordinary firm lacks?Read the answer and worked solution →What cap applies to the number of partners in an Indian LLP?Read the answer and worked solution →What minimum capital is needed to form an Indian LLP?Read the answer and worked solution →An LLP must be audited if annual turnover exceeds?Read the answer and worked solution →An LLP must be audited if its contributions exceed?Read the answer and worked solution →Which is a stated disadvantage of an LLP?Read the answer and worked solution →A private limited company can have at most how many shareholders?Read the answer and worked solution →In an LLP, a partner is not liable for what?Read the answer and worked solution →

Worked practice questions

A partnership whose duration is set by contract is called?

  1. Fixed-period partnership
  2. Partnership at will
  3. Particular partnership
  4. General partnership
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Correct answer: A. Fixed-period partnership

Where the contract provides for duration, it is a partnership for a fixed period.

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A partnership formed for a single adventure is called a?

  1. General partnership
  2. Partnership at will
  3. Particular partnership
  4. Limited partnership
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Correct answer: C. Particular partnership

A particular partnership is constituted for one undertaking rather than business generally.

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Without public notice of dissolution, partners remain liable for firm acts after dissolution?

  1. No, never in any case
  2. Yes, they stay liable
  3. Only the dormant partners
  4. Only the senior partner
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Correct answer: B. Yes, they stay liable

Section 45 keeps partners liable for later acts until public notice is given.

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More Accounting topics

Final Accounts of Sole ProprietorsAccounting ConceptsBills of Exchange and Promissory NotesCompany AccountsDepreciation and AmortisationInventoriesBank Reconciliation StatementPartnership Accounts