1. Fill in the Blanks:

a. A partnership firm normally requires a maximum of  ———— persons.

b. Owners of a Partnership are liable to —————  for all liabilities of the firm.

d. Partners have a  ————— relationship between them.

e. The individuals  who own the partnership business are called collectively referred to as  ——————.


(a)  20 persons

(b) Pay

(c) Legal

(d) Partnership

2. Which of the following statements are TRUE or FALSE?

a. A partner may sometimes not work in a partnership that he part owns.

b. The interests of partners  may not be used as future capital in the business.

c. A partnership firm has separate legal entity from its owners.


(a) True

(b) False

(c) False

3. Which of the following statement are TRUE or FALSE ?

(a) The members of a co-operative get a fixed rate of dividend from profit.

(b) A co-operative society can not enter into any contract.

(c) The liability of the members of a co-operative is unlimited.

(d) A co-operative society needs not be registered.

(e) A member of a co-operative society may have voting power based the amount of shares owned.


(a) True

(b) True

(c) False

(d) False

(e) False

4. Fill in the blanks:

(a) A co-operative society may not cease to exist with the  ———— of a member.

(b) New members of a co-operative are obtained  ——————.

(c) ——————is the primary motive of a co-operative.

(d) The maximum membership to get a co-operative registered is ——— .

(e) Most  co-operative society are restricted by ————.


(a) death

(b) Voluntarily

(c) Service

(d) Unlimlited

(e) Capital

  5. Which of the following statements are TRUE or FALSE ?

(a) The minimum membership for a public limited company is 50.

(b) A company is dissolved with the entry of a new member.

(c) The members of a company may transfer their shares through on the stock market.

(d) The liability of the members of a Joint Stock Company is limited.


(a) False

(b) False
(c) True

(d) True

6.  Fill in the blanks:

(a) A company has——— existence.

(b) A company may enjoy the benefits of ————operation.

(c) A partnership may be managed by ————.

(d) When the scale of operation of the business is ———a sole proprietorship form is preferred.

(e) The capital of a sole trader may not be ——— in the stock market.


(a) Perpetual

(b) Large Scale

(c) Partners

(d) Small

(e) not

7. Fill in the blanks with suitable word/words:

(a)   Accrual concept relates to the determination of ____________.

(b)  Goods of Rs.50000 are sold on 25th March 2006 but payment is received on 10th April 2007. It will be a revenue

for  the year ending _____________.

(c)  Accrual concept requires revenue is recognised when ____________.

(d)   Expenses are matched with ____________ generated during a period.

(e)  Income is the excess of revenues  over ____________.


(a)   Revenue

(b)   2006

(c)   Service is rendered or goods are delivered

(d)  Revenues

(e)   Expenses

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