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Here are 25 short questions with answers based on "Accounting for Partnership Firms – Fundamentals": 1.What is a partnership? Answer: A partnership is an agreement between two or more persons to share profits and losses of a business carried on by all or any of them acting for all. 2.What governs partnership firms in India? Answer: The Indian Partnership Act, 1932. 3.What is a partnership deed? Answer: A written agreement between partners outlining the terms and conditions of the partnership. 4.What is the minimum number of partners required to form a partnership? Answer: At least two partners. 5.What is the maximum number of partners in a general business partnership? Answer: 20 partners. 6.What is mutual agency in a partnership? Answer: It means every partner is an agent and principal of the firm. 7.What is the profit-sharing ratio in the absence of an agreement? Answer: Profits are shared equally among partners. 8.What is interest on capital? Answer: It is the interest all...

Here is the list of Accountancy chapters for Class 12 (CBSE syllabus) for the academic year 2024-2025: Accounting for Partnership Firms – Fundamentals this lesson 50 mcq  with answer:-- 1. A partnership is formed by an agreement between: a) Friends b) Relatives c) Partners d) All of these Answer: c) Partners 2. The minimum number of partners in a partnership is: a) 1 b) 2 c) 3 d) 5 Answer: b) 2 3. The maximum number of partners in a partnership firm is: a) 10 b) 50 c) 20 (for general business) d) Unlimited Answer: c) 20 4. Which Act governs partnership firms in India? a) Companies Act, 2013 b) Partnership Act, 1932 c) Income Tax Act, 1961 d) None of these Answer: b) Partnership Act, 1932 5. Partnership agreement is also known as: a) Partnership Act b) Memorandum of Association c) Partnership Deed d) None of these Answer: c) Partnership Deed 6. In the absence of an agreement, the profit-sharing ratio among partners is: a) 1:2 b) Equally c...