The main difference between a partnership and a company is: MCQ with Answer and Explanation

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The main difference between a partnership and a company is:

A. Company has separate legal entity, partnership does not

B. Partnership has limited liability

C. Company cannot own assets

D. Partnership pays corporate tax

Answer: Option A

Solution (By JKSSB Mock Tests)

A company is a separate legal entity, while a partnership (except LLP) is not.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which module of PFMS allows tracking of fund utilization by implementing agencies at lower tiers?

A. DBT Module

B. E-Kuber Module

C. GSTN Module

D. EAT (Expenditure, Advance and Transfer) Module

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Correct Answer: Option D

Explanation:
The EAT module maps the entire hierarchy of implementing agencies, ensuring funds transferred are tracked until final expenditure.

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

Question #2

The 'Ledger Folio' (L.F.) column in journal is filled when:

A. Final accounts are made

B. Transaction is recorded

C. Trial balance is prepared

D. Posting is done to ledger

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Correct Answer: Option D

Explanation:
Ledger folio is written in journal after posting to ledger, indicating the page number of ledger.

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

Question #3

The 'Monetary Unit Sampling' (MUS) is a:

A. Random number sampling

B. Non-statistical method

C. Statistical sampling method that uses value-weighted selection

D. Haphazard selection

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Correct Answer: Option C

Explanation:
MUS selects sample items based on monetary units, focusing on larger values.

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

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