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Wednesday, December 30, 2020

Joint Venture MCQs | Multiple Choice Questions and Answers | Financial Accounting MCQs Part 5 |

Joint Venture MCQs
Financial Accounting MCQs
Multiple Choice Questions and Answers 

1)    Joint Venture is a:

a)    Personal A/c

b)   Nominal A/c

c)    Real A/c

d)   Memorandum A/c

2)    Joint Bank A/c is a:

a)    Nominal A/c

b)   Personal A/c

c)    Real A/c

d)   Dummy A/c

3)    Joint Venture with another co-venturer A/c is a:

a)    Personal A/c

b)   Nominal A/c

c)    Real A/c

d)   Memorandum A/c

4)    Which of the following account is opened when separate joint venture account is opened?

a)    Joint venture A/c

b)    Joint bank A/c

c)     Coventurer A/c

d)    All of the above

5)    What does the balance in Memorandum Joint Venture A/c shows –

a)      Profit or loss.

b)     Closing Stock.

c)      Balance due from other co-venturer.

d)     Difference in Trial Balance.

6)    The partners to joint venture are called

a)    Bailor and bailee

b)   Partner’s

c)    Coventurer

d)   Principal and agent

7)    Provisions of Indian Partnership Act are also applicable to Joint Venture.

a)    True

b)   False

8)    Which of these is not a part of double entry system?

a)    Joint Bank A/c

b)   Memorandum A/c

c)    Joint Venture A/c

d)   Joint Venture with other co-venturer A/c

9)        Loss on Joint Venture is:

a)    Credited to Profit and Loss A/c

b)   Debited to co-venturers capital A/c

c)    Credited to Capital Fund A/c

d)   Debited to Suspense A/c

10)      Stock left over taken by a Co-venturer is:

a)    Debited to Joint Venture A/c

b)   Credited to Co-venturer A/c

c)    Credited to Joint Venture A/c

d)   Credit to Joint Bank A/c

11)      Which of these is not a feature of a Joint venture?

a)    Continuing business

b)   No firm name

c)    Partners called co-venturer

d)   Partnership for limited purpose

12)      Which of these accounts are not opened in a joint venture?

a)      Stock reserve

b)     Joint bank A/c

c)      Joint venture A/c

d)     Co-venturers personal A/c

13)      Profit or loss on joint venture business is shared by the co-venturers –

a)    Equally

b)   In the ratio of capital contributed

c)    In the agreed upon ratio

d)   As per their age

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