The 'Minor' in a partnership can be admitted: MCQ with Answer and Explanation

Question
The 'Minor' in a partnership can be admitted:
A. As a managing partner
B. As a sleeping partner with liability
C. As a full partner
D. Only to the benefits of the partnership
Answer: Option D
Solution (By JKSSB Mock Tests)
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Subsequent Events' review period extends to:
A. Balance sheet date
B. Date of approval of financial statements (if auditor's report is dated later) or date of auditor's report
C. No fixed date
D. One month after
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Correct Answer: Option B

Explanation:
The auditor's responsibility for subsequent events covers the period up to the date of auditor's report.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows which of the following basic transactions?
A. Cash Deposit
B. Cash Withdrawal
C. Both A and B
D. Balance Inquiry
Discuss
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Correct Answer: Option C

Explanation:
AePS allows basic banking transactions like Balance Inquiry, Cash Withdrawal, and Mini Statement using Aadhaar authentication. Cash Deposit is generally not supported through AePS micro-ATMs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Integrated Goods and Services Tax' on imports is levied under:
A. Customs Tariff Act
B. Only Customs Act
C. Both A and B
D. IGST Act
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Correct Answer: Option C

Explanation:
IGST on imports is levied under IGST Act read with Customs Tariff Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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