CLASS 12 ACCOUNTANCY MCQ (DISSOLUTION)

 CLASS 12 ACCOUNTANCY MCQ WITH ANSWER 

SBSIRCOMMERCE Present DISSOLUTION)

CHAPTER= DISSOLUTION OF PARTNERSHIP

Question 6: Which type of dissolution occurs when a partner unlawfully carries on a separate business?

a) Dissolution by court order

b) Dissolution by mutual consent

c) Dissolution by notice

d) Dissolution by wrongful act

Answer: d) Dissolution by wrongful act

Question 1: What does dissolution of a partnership firm mean?

a) Termination of partnership agreement

b) Formation of a new partnership

c) Expanding the partnership

d) Changing the business location

Answer: a) Termination of partnership agreement

Question 2: Which type of dissolution occurs when the partners mutually agree to end the partnership?

a) Compulsory dissolution

b) Dissolution by notice

c) Dissolution by agreement

d) Dissolution by court order

Answer: c) Dissolution by agreement

Question 3: When a partnership firm becomes insolvent and is unable to pay its debts, it leads to:

a) Dissolution by court order

b) Dissolution by notice

c) Dissolution by mutual consent

d) Dissolution by wrongful act

Answer: a) Dissolution by court order

Question 4: If a partner of a firm dies, what type of dissolution is triggered?

a) Dissolution by court order

b) Dissolution by mutual consent

c) Dissolution by notice

d) Compulsory dissolution

Answer: d) Compulsory dissolution

Question 5: In case of a partnership at will, how can a partner dissolve the firm?

a) By giving a notice to all other partners

b) Only with the consent of other partners

c) By approaching a court

d) Without any notice or consent

Answer: a) By giving a notice to all other partners

Question 6: What does dissolution of a partnership firm mean?

a) Termination of partnership agreement

b) Formation of a new partnership

c) Expanding the partnership

d) Changing the business location

Answer: a) Termination of partnership agreement

Question 7: When a partnership is dissolved, which order is generally followed for settling the accounts?

a) First, outside creditors, then partners' loans, then capital accounts

b) First, capital accounts, then outside creditors, then partners' loans

c) First, partners' loans, then outside creditors, then capital accounts

d) First, partners' loans, then capital accounts, then outside creditors

Answer: b) First, capital accounts, then outside creditors, then partners' loans

Question 8: Who is responsible for winding up the affairs of a dissolved partnership firm?

a) The partners who initiated the dissolution

b) An external liquidator appointed by the court

c) All partners, including the deceased partner's legal representatives

d) The government authorities

Answer: c) All partners, including the deceased partner's legal representatives

Question 9: Which dissolution results from the expiry of the partnership term mentioned in the agreement?

a) Dissolution by notice

b) Dissolution by court order

c) Dissolution by mutual consent

d) Dissolution by operation of law

Answer: d) Dissolution by operation of law

10)When a partner is unable to contribute towards the deficiency of his capital.he /she is said to be

a) Solvent

b) insolvent

c)none of these

Question 11) When a partnership firm is dissolved, which assets are used to pay off the debts and liabilities?

a) Partners' personal assets

b) Only the assets mentioned in the partnership agreement

c) Assets of the firm, including personal assets of partners

d) Assets of the firm, excluding personal assets of partners

Answer: c) Assets of the firm, including personal assets of partners

CLASS 12