1. The term 'Partnership' has been defined under ___ of the Partnership Act, 1932:
A) Section 3
B) Section 4 ✓
C) Section 5
D) Section 6
CA Foundation Paper 2
The Indian Partnership Act, 1932 MCQ
Chapter 4 • 48 Questions from ICAI Study Material
Questions
48
Est. Time
36 min
Source
ICAI Book
Question 1 of 48 0 correct | 0 wrong
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Sample Questions: The Indian Partnership Act, 1932
Preview 8 of 48 MCQs from Chapter 4
2. A partnership for which no period or duration is fixed under the Indian Partnership Act is known as:
A) Unlimited partnership
B) Co-ownership
C) Particular partnership
D) Partnership at will ✓
3. The most important element in partnership is:
A) Business
B) Sharing of profits
C) Agreement
D) Business to be carried on by all or any of them acting for all ✓
4. A firm is the name of:
A) The partners
B) The minors in the firm
C) The business under which the firm carries on business
D) The collective name under which it carries on business ✓
5. A partnership formed for the purpose of carrying on particular venture or undertaking is known as:
A) Limited partnership
B) Special partnership
C) Joint venture
D) Particular partnership ✓
6. In the absence of agreement to the contrary all partners are:
A) Not entitled to share profits
B) Entitled to share in capital ratio
C) Entitled to share in proportion to their ages
D) Entitled to share profits equally ✓
7. A partnership at will is one:
A) Which does not have any deed
B) Which does not have any partner
C) Which does not provide for how long the business will continue ✓
D) Which cannot be dissolved
8. What among the following is not an essential element of partnership:
A) There must be an agreement entered into by all the persons concerned
B) The agreement must be to share the profits of a business
C) The business must start within six months from the date of agreement ✓
D) The business must be carried on by all or any one of them acting for all