Question : The relation of a partner with the firm is that of:

Option 1: a principal

Option 2: an agent

Option 3: both a principal and agent

Option 4: a manager

Question : Loss incurred by a partnership firm at the end of accounting year is distributed among

Option 1: all partners equally

Option 2: all partners in capital ratio

Option 3: working partners only

Option 4: None of the above

Question : Who among the following cannot be a partners firm?

Option 1: Minor

Option 2: Person of unsound mind

Option 3: Person disqualified by law

Option 4: All of these

Question : Current Account of the partners should be opened when capital are:

Option 1: fluctuating

Option 2: fixed

Option 3: circulating

Option 4: none of these

Question : In the absence of an agreement, partners are entitled to:

Option 1: Salary

Option 2: Profit share in capital ratio

Option 3: Interest on loan and advances

Option 4: Commission