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. 10

B. 20

C. No limit

D. 50

Answer: Option A

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

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S1: Under Ind AS 109, financial assets are classified into three measurement categories: Amortized Cost, Fair Value Through Other Comprehensive Income (FVTOCI), and Fair Value Through Profit or Loss (FVTPL). S2: Equity investments are always measured at Amortized Cost. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. Both S1 and S2

D. S2 only

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Correct Answer: Option B

Explanation:
S1 is correct as per Ind AS 109. S2 is incorrect because equity investments do not have contractual cash flows that are solely payments of principal and interest (SPPI), so they cannot be measured at Amortized Cost; they are measured at FVTPL or FVTOCI.

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