Which of the following is a 'Liability of a Partner' in a general partnership? MCQ with Answer and Explanation

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Which of the following is a 'Liability of a Partner' in a general partnership?

A. Limited to his capital

B. Unlimited

C. Limited to firm's assets

D. Only for his own acts

Answer: Option B

Solution (By JKSSB Mock Tests)

In a general partnership, all partners have unlimited joint and several liability.

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

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Question #1

The 'Goods and Services Tax Network' (GSTN) is structured as:

A. Section 8 (not-for-profit) company

B. Government department

C. Private limited company

D. Public sector undertaking

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Correct Answer: Option A

Explanation:
GSTN is a not-for-profit company under Section 8 of Companies Act.

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

Question #2

In the Balance Sheet, assets are typically arranged in the order of:

A. Date of purchase

B. Alphabetical order

C. Profitability or Loss

D. Liquidity or Permanence

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Correct Answer: Option D

Explanation:
Marshalling of balance sheet assets is done either in the order of liquidity (most liquid first) or permanence (most fixed first).

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Question #3

The 'Termination Benefits' under Ind AS 19 are recognised:

A. At the earlier of when the entity can no longer withdraw the offer or when the entity recognises restructuring costs

B. Over the service period

C. When the employee retires

D. When paid

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Correct Answer: Option A

Explanation:
Termination benefits are recognised at the point of no withdrawal.

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

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