A partnership deed is: MCQ with Answer and Explanation

Question
A partnership deed is:
A. Required only for banking partnership
B. Necessary only if more than 2 partners
C. Mandatory by law
D. Desirable but not mandatory
Answer: Option D
Solution (By JKSSB Mock Tests)
Partnership deed is not compulsory but advisable to avoid disputes. Partnership can exist based on oral agreement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
S1: The Treasury Single Account (TSA) is a unified bank account of the government. S2: Under TSA, all cash balances of various government departments are pooled together. Which statement(s) is/are correct?
A. Both S1 and S2
B. Neither S1 nor S2
C. S2 only
D. S1 only
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Correct Answer: Option A

Explanation:
TSA is a single consolidated bank account (usually with the RBI) where all government cash receipts are deposited and all payments are made, effectively pooling all departmental cash balances.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Tax Return Preparer' (TRP) scheme was launched to:
A. Assist small and marginal taxpayers in filing returns
B. Collect tax
C. Audit returns
D. Replace CAs
Discuss
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Correct Answer: Option A

Explanation:
TRP scheme helps individuals who cannot afford professional help.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The term 'Sweat Equity' refers to:
A. Rights shares
B. Bonus shares
C. Shares issued to employees at discount or for consideration other than cash
D. Shares issued to promoters for their efforts
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Correct Answer: Option C

Explanation:
Sweat equity shares are issued to employees or directors for providing know-how or value addition.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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