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

Question
The main difference between a partnership and a company is:
A. Partnership has limited liability
B. Company has separate legal entity, partnership does not
C. Company cannot own assets
D. Partnership pays corporate tax
Answer: Option B
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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Question #1
ITR-4 (Sugam) is for:
A. Partnership firms
B. Trusts
C. Presumptive income taxpayers
D. Companies
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Correct Answer: Option C

Explanation:
ITR-4 is for individuals/HUFs/firms (other than LLP) having income from business/profession under presumptive taxation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'TDS on purchase of goods' under Section 194Q is applicable when:
A. Buyer's turnover exceeds ₹10 crore and purchase from a seller exceeds ₹50 lakh in a year
B. All purchases
C. Total sales exceed ₹50 lakh in previous year
D. No TDS
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Correct Answer: Option A

Explanation:
Section 194Q requires TDS at 0.1% on purchase of goods exceeding ₹50 lakh by buyer with turnover > ₹10 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Non-Current Assets Held for Sale' (Ind AS 105) are measured at:
A. Cost
B. Revaluation amount
C. Lower of carrying amount and fair value less costs to sell
D. Fair value
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Correct Answer: Option C

Explanation:
Ind AS 105 requires measurement at lower of carrying amount and fair value less costs to sell.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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