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AP
Question Practice

What is a partnership and what are its chief characteristics?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Accounting for Partnership: Ba...
Question Bank

What is a partnership and what...

Single Answer MCQ
Q-00002967

What is a partnership and what are its chief characteristics?

1

A business entity formed by two or more individuals to carry on a business together. Its chief characteristics include mutual agency, unlimited liability, and shared profits and losses.

2

A business entity formed by a single individual to carry on a business. Its chief characteristics include limited liability and sole decision-making.

3

A non-profit organization formed by multiple individuals for charitable purposes. Its chief characteristics include tax exemptions and government funding.

4

A government-owned entity formed for public services. Its chief characteristics include bureaucratic structure and political influence.

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Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1.

Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

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Q2.

What is the primary purpose of a partnership deed?

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Q3.

If a partnership deed is silent on the profit-sharing ratio, how should profits be shared?

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Q4.

Which of the following is NOT usually included in a partnership deed?

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