A 'Partner by Holding Out' is: MCQ with Answer and Explanation

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A 'Partner by Holding Out' is:

A. A retired partner

B. A person who represents himself as a partner but is not

C. A deceased partner's legal heir

D. A minor admitted to benefits

Answer: Option B

Solution (By JKSSB Mock Tests)

A person who by his conduct or words allows others to believe he is a partner may be held liable as partner by estoppel or holding out.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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A company's 'Fixed Overhead Capacity Variance' is ₹10,000 (Adverse). This means:

A. Actual fixed overheads were higher

B. Actual hours worked were less than budgeted hours

C. Actual production was more than budgeted

D. Efficiency was higher

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Correct Answer: Option B

Explanation:
Capacity variance indicates under/over utilisation of plant capacity; adverse means actual hours < budgeted hours.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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The financial statement that shows the financial position of an entity at a specific date is:

A. Trading Account

B. Profit & Loss Account

C. Balance Sheet

D. Cash Flow Statement

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Correct Answer: Option C

Explanation:
Balance Sheet is a statement of assets and liabilities as on a specific date, showing financial position.

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Question #3

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Under the Income Tax Act, which of the following is NOT eligible for deduction under the specific Section 80C limit of ₹1,50,000?

A. Public Provident Fund (PPF)

B. Life Insurance Premium

C. Medical Insurance Premium for self

D. Sukanya Samriddhi Account

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Correct Answer: Option C

Explanation:
Medical insurance premiums are eligible for deduction under Section 80D, not Section 80C. LIC, PPF, and Sukanya Samriddhi are all eligible under Section 80C.

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