Accounting Skills Assessment Practice Questions 2023 - Part 12
1. A _______________ business is one in which income is generated by the resale of produced product?
A) Manufacturing
B) Merchandising
C) Sole Proprietorship
D) Partnership
2. Which of the following is/are true about the sole trader form of business?
A) A sole trader is liable to pay income tax on his/her earnings
B) Sole traders must register the name of their business with the registrar of companies
C) Sole traders do not need to consult accountants
D) All of the given options
3. Which of the following documents contains offer to subscribe shares?
A) Memorandum of Association
B) Articles of Association
C) Prospectus
D) Statutory Declaration
4. Which of the following are the owners of a partnership business?
A) Proprietors
B) Partners
C) Shareholders
D) Managers
5. In which type of a business, the owner and his business are not considered same in the eyes of law?
A) Sole proprietorship
B) Limited companies
C) Partnership
D) a and c
A) Manufacturing
B) Merchandising
C) Sole Proprietorship
D) Partnership
2. Which of the following is/are true about the sole trader form of business?
A) A sole trader is liable to pay income tax on his/her earnings
B) Sole traders must register the name of their business with the registrar of companies
C) Sole traders do not need to consult accountants
D) All of the given options
3. Which of the following documents contains offer to subscribe shares?
A) Memorandum of Association
B) Articles of Association
C) Prospectus
D) Statutory Declaration
4. Which of the following are the owners of a partnership business?
A) Proprietors
B) Partners
C) Shareholders
D) Managers
5. In which type of a business, the owner and his business are not considered same in the eyes of law?
A) Sole proprietorship
B) Limited companies
C) Partnership
D) a and c
1. Right Answer: B
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: B
Explanation:
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: B
Explanation:
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