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Question-1
Identity a joint venture from the following?
(A)
It does not require a firm name
(B)
It always used a firm name
(C)
Unlimited to the extent of their business and private estate
(D)
It is not limited to specific venture
Question-2
The persons who have so agreed to undertake a joint venture are known as _______________
(A)
Partner
(B)
Sole trader
(C)
Co-ventures
(D)
Commissioner
Question-3
Identify the feature of joint venture from the following?
(A)
It is imperative to maintain separate permanent books of account
(B)
Accounting for this is done on going concern
(C)
It is a temporary partnership and comes to an end
(D)
Profit loss are calculated on an annual basis
Question-4
Joint venture Account is prepared to.
(A)
Find out the amount due by one co-venture to another
(B)
Calculate the profit on joint venture
(C)
Find out the amount due in the Bank
(D)
None of these
Question-5
Recording of Transaction in the Book of one joint venture pass Journal entry for commission due on joint venture.
(A)
Joint venture A/C Dr
To other co-venture A/C
(B)
Joint venture A/C Dr
To Cash A/C
(C)
Cash A/C Dr
To Joint venture A/C
(D)
Joint venture A/C Dr
To Commission A/C
Question-6
Joint venture account is a ___________ Accounts nature which shows profit or loss made on the venture.
(A)
Current Account
(B)
Personal Account
(C)
Nominal Account
(D)
Capital Account
Question-7
Recording of Transaction in the Books of one Joint venture for goods purchased for Joint venture. Identify the correct Journal entry.
(A)
Cash A/C Dr
To other co-ventures A/C
(B)
Joint venture A/C Dr
To cash A/C
(C)
Joint venture A/C Dr
To purchases
(D)
Joint venture A/C Dr
To Other co-venture
Question-8
Joint venture is also termed as ____________
(A)
Partner
(B)
Co-ventures
(C)
Sole trader
(D)
Inspector
Question-9
Identify the joint venture freedom of other trade from the following.
(A)
Do not enjoy the freedom to undertake business of similar nature competing the firm
(B)
Enjoy the freedom to have simultaneously independent business of similar nature
(C)
Unlimited to the extend of their business
(D)
None of these
Question-10
Debit side of Joint venture with other co-venture A/C's is posted to the _____________ side of memorandum Joint venture Account.
(A)
Debit side
(B)
Credit side
(C)
Both debit & credit
(D)
Omitted
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
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