The maximum number of partners in a banking partnership is: MCQ with Answer and Explanation

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The maximum number of partners in a banking partnership is:

A. No limit

B. 10

C. 50

D. 20

Answer: Option B

Solution (By JKSSB Mock Tests)

As per Banking Regulation Act, the maximum number of partners for a banking firm is 10.

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

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Question #1

Target Cost is calculated as:

A. Variable Cost + Fixed Cost

B. Prime Cost + Factory Overheads

C. Expected Selling Price - Desired Profit Margin

D. Current Cost - Desired Profit

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Correct Answer: Option C

Explanation:
Target costing starts with market price, subtracts the required profit, to find the maximum allowable cost (Target Cost).

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

Question #2

The financial ratio that measures short-term solvency is:

A. Return on investment

B. Current ratio

C. Gross profit ratio

D. Debt-equity ratio

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Correct Answer: Option B

Explanation:
Current ratio assesses the ability to meet short-term obligations.

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

Question #3

Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:

A. ₹5,000

B. ₹3,000

C. ₹13,000

D. ₹8,000

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Correct Answer: Option B

Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.

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

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