Details of this Paper

PAPER 3: FUNDAMENTALS OF LAWS AND ETHICS 50_MCQ Part 15

Description

solution


Question

Question;1.;ApplicationforRegistrationoffirms;shouldbesignedby-;(a);All;thepartners;(b);Agentsofpartnersspeciallyauthorizedinthisbehalf;(c);All;theactivepartners;(d);Either (a)or(b);2.;Afirmnameshallnotcontain;any ofthefollowing;words;(a);Crown,Imperial;(b);Emperor,Empress;(c);King,Queen;(d);All theabove;3.;Registrationoffirmiseffectivefrom?;(a);ThedatewhentheRegistrarfilesthestatement;andmakesentries;intheRegisteroffirms;(b);Thedateofpresentationofthestatement;totheRegistraroffirms;(c);ThedatepublishedintheOfficial;Gazette;(d);Thedateintimatedto thepartners;4.;Aftertheregistrationofafirm,ifapartnerretires,suchachangeintheconstitutionofthefirmrequires;(a);AnoticetobesenttotheRegistrar;(b);Newregistration;(c);Anaffidavitofamanagingpartneraboutthechange;(d);Nointimation;5.;Intimationaboutclosing;and opening ofa branch;afterregistration,isrequiredtobegiven;by;(a);All;thepartnersjointly;(b);Anypartneroragentofthefirm;(c);Either (a)or(b);(d);Neither;(a)or(b);6.;Ifanunregisteredfirm intendstofileasuitagainst;a thirdparty,itshould;getitselfregistered beforefilingthesuit.;(a);False,assuchdisabilitycanneverberemoved.;(b);True,asafterregistrationfirm'sdisabilitytofilesuchsuitisremoved.;(c);Itshouldtakepermissionofthecourtbeforefilingthesuit.;(d);Either (b)or(c);7.;Whichofthefollowingarethedisabilitiesofanunregisteredfirm?;(a);Itcannotfileasuitagainstthirdparties;(b);Itcannotclaimaset-offexceeding`100;(c) Itspartners;cannotfileasuitagainst;thefirm;(d);All theabove;8.;Incaseofanunregistered firm thepartners;canfilea suitforthe;(a) Dissolutionofthefirm;(b);Accountsofdissolvedfirm;(c);Realizationofpropertyofdissolvedfirm;(d);All theabove;9.;Anypersonwhosupplies;falseinformationtotheRegistraroffirms,shallbeliabletopunishmentwithimprisonmentupto???;(a);Threemonths;(b);Sixmonths;(c);Ninemonths;(d);Twelvemonths;10.;TheRegisteroffirmsshall;beopentoinspection;(a);Byanypersononpayment;ofprescribedfees;(b);Bypartnersonly;(c);ByGovernmentOfficialsonly;(d);Byanypersonfreeofcost;11.;Whichofthefollowingstatementsisincorrect?;(a);Theregistrationofafirmisacondition;precedenttotheright;toinstituteasuit;(b) Ifapartnerrefusestosigntheapplicationforregistration,thanregistrationcanbedoneonlybydroppingthenameofsuchapartner;fromthefirm;(c);Athirdpartycannotfileasuitagainstanun-registeredfirm;(d);Applicationforregistrationoffirmmustbesignedbyallthepartners;12.;Aspersection18,apartner;inapartnershipfirmfunctions;(a);Inadualcapacityof principalandagent;(b);Asaprincipal;(c);As anagent;(d);Neitherasaprincipal;norasanagent;13.;Ifa partnercommitsfraudinthe;conductofthebusiness;of;thefirm;(a);Heshallindemnifythefirmforanylosscaused;toitbyhisfraud;(b);Heisnotliabletothefirm;(c);Heisliabletothepartners;(d);Heisliabletothe thirdparties;14.;Partnersarebound;tocarryon thebusiness ofthefirm?;(a);Tothegreatestcommonadvantage;(b);Forthewelfare;tothesociety;(c);Fortheadvantageofthefamilymembers;(d);Forearningpersonalprofits;15.;Whichofthefollowingstatementsis/arefalse;(a);Apartnerhasarighttoshareprofits;(b);Righttointerest;oncapital;(c);Rightofaccess;tobooks;(d);Righttoreceive;remuneration;16.;Whichofthefollowingstatementsiscorrect?;(a);Apartnercanbeadmittedinafirm bytheconsent;ofthemajority;ofpartners;(b);Aminorcanbeapartnerinafirm;(c);Theliabilityofaretired;partnertothirdparties;continuesevenafterhisretirement;(d);Apartnerofanunregisteredfirmcannotsueforthedissolutionofafirm;17.;Whicharethemattersthatrequireunanimous;consentofallthepartners;(a);Admissionofapartner;(b);Transferbyapartner;ofhisinterestinthefirm;(c);Fundamentalchangeinthenatureofthebusiness;(d);All theabove;18.;Apartnerhasan;implied authority tobind a;firmby hisact;ifhe;(a);Acquiresimmovablepropertyonbehalfofthefirm;(b) Opensabankingaccountonbehalf;ofthefirminhisownname;(c);Withdrawsasuitorproceedingfiledonbehalf;ofthefirm;(d);Noneoftheabove;19.;Theliability ofaminorpartnerislimited tothe extentof;(a);Hisshareinthefirm;(b);Hispersonalassets;(c);Hisshareinthefirmaswell;ashispersonalassets;(d);Heisnotliable;20.;Aminorwhoisadmitted;tothebenefit;ofpartnership;(a);Isentitledtosuchshareof property;andoftheprofits;ofthefirmasmaybeagreedupon.;(b);Hasarighttohaveaccess toandinspectandcopyanyoftheaccountsofthefirm.;(c);Hecansueforanaccount;andprofitswhenheseverehisconnectionfromthefirm.;(d);All theabove;21.;Subjecttocontractbetween thepartners;a partnerdoesnothaveany;oneofthefollowingrights;(a);Righttoreceive;remuneration;(b);Righttoshareprofits;(c);Righttotakepartinthebusiness;(d);Righttoclaiminterest;oncapital;22.;Theauthorityofapartnertobindthefirmforhisactsascontained;insection19ofthePartnershipActisknownas;(a);Expressauthority;(b);Legalauthority;(c);Impliedauthority;(d);Managerialauthority;23.;Anactistobesaid;doneinimplied authorityif;(a);Doneintheusualwaytocarrypartnershipbusiness;(b);Doneintheconduct;ofthebusinessofthekind carriedonbythefirm;(c) Doneinthefirmnameorinanyothermannerexercisingorimplying;anintentiontobindthefirm;(d);All theabove;24.;An;actdoneby;apartnerisbinding on the firm ifitisdoneinthenameof;(a);Thepartnersownname;(b);God;(c);Firm;(d);Law;25.;Apartnercanbinda;firm by hisactifhe;(a);Submitsadisputetoarbitration;(b);Withdrawssuitorproceedingfiledonbehalfofthefirm;(c);Transferimmovablepropertybelongingtothefirm;(d);Buysgoodsonbehalfofthefirm;26.;Forordinarybusiness;mattersthedecisionsinthefirm aretakenonthebasisof;(a);Decisionofmajorityofpartners;(b);Unanimousdecisionofpartners;(c);2/3majority;(d);1/3majority;27.;Whichofthefollowingstatementsisincorrect?;(a);Apartnerisnotanagentofotherpartners;(b) Onbecomingmajor,theliabilityofaminoradmittedtothebenefitsofpartnershipandnowbecomingapartner;becomesunlimitedfromthedateofmajority;(c);Partnerscanchangethenature;ofthebusinessofthefirmbymajoritydecision;(d);All theabove;28.;Whenaminorisadmittedtothebenefitofthepartnership,whichofthefollowingstatementsis;false;(a);Suchminor'sshareisliablefortheactsofthefirm;(b);The minorisalsopersonallyliable;(c);The minorhasarighttoshareintheproperty;andprofitsof thefirm;(d);The;minorcannotsuefortheaccounts;ifintendstocontinueinthefirm;29.;Forchanging thenature;ofa business;(a);Consentofallthepartnersisneeded;(b);Consentofmajority;ofpartnersisneeded;(c);Consentofcourtisneeded;(d);ConsentofRegistrar;offirmisneededinreferencetoconduct;ofthebusiness;30.;Thepartnerstakedecisions;onthebasisofmajorityin;(a);Allmatters;(b);Ordinarymatters;(c);Fundamentalmatters;(d) Nomatterssinceunanimousconsentisrequired;(e);31.;Anunregistered partnership;(a);Cansueon;mattersarisingotherwisethanoutofcontract;(b);Cansueonmatters;arisingoutofcontract;(c);Cannotbesued;(d);Cansueandbesued;32.;Everypartnerhasarighttohaveaccesstoandinspectandcopyanyofthebooksofaccountofthefirm.;(a);Duringthecontinuationofthepartnership;(b);Duringthedissolutionproceedings;(c);Afterdissolution;(d);All theabove;33.;Wherea partner;isentitled tointerest;onthecapital;subscribed suchinterest;shallbepayable.;(a);Onlyoutofprofits;(b);Outof capital;incaseof loss;(c);Outofborrowings;(d);Outof saleofpartnership assets;34.;Subjectto contract between the partners,andpursuanttosection;13 of;the;Indianpartnership, thefollowingstatementiscorrect;(a);Partnerisnotentitled;tointerestonthecapital;subscribedbyhim;(b);Partnerisnotentitled;tointerestontheadvance;made overandabovetheshare ofcapital;(c);Partnerisnotentitled;toremunerationfortakingpartintheconductofthebusiness;(d);All theabove;35.;Anydisputearising;astoordinary;mattersconnectedwiththebusinessmaybe decided;by-;(a);Unanimousconsentofallthepartners;(b);Consentofmajority;partners;(c);DecisionofCourt;(d);ConsentoftheWorkingpartners;36.;Achangeinnature;of businesscanbeeffected;onlybased on?;(a);Unanimousconsentofallthepartners;(b);Consentofmajority;partners;(c);Consentoftheactivepartners;(d);DecisionofCourt;37.;Propertyofthefirm doesnotinclude;(a);Trademarkownedbythefirm;(b);Propertyacquiredbyorforthefirm;(c);Goodwillofthebusiness;(d);Propertybelongingtothepartners;38.;Whereafirmconstitutedforafixedtermcontinues;tocarryon businessaftertheexpiryofthesaidterm,themutual;rightsandduties;ofthepartnerswill?;(a);BedecidedbytheCourts;(b);Bedecideduponbytheworkingpartners;(c);Besimilarasthatof;partnershipatWill;(d);Beextinguished;39.;Ifa partneradvances;money tothefirm hewillbeentitled;to;interestoncapital;(a);Onlyincaseofprofits;(b);Whetherthereareprofitsornot;(c);At marketrate,ifthedeeddoesnotprovide;(d);Statementiswrongsinceheisnotentitledtointerest;onadvances;40.;Whichofthisfallsoutside;theimpliedauthority?;(a);Takingloanbypledginggoodsofthefirm;(b);AcceptingBillsofExchange;onbehalfofthefirm;(c);Submitdisputesforarbitration;(d);Settleaccountswithcustomers;41.;Whichoftheseactsarewithin;theimpliedauthority?;(a);Enterintopartnershiponbehalf;ofthefirm;(b);Admitanyliabilityinasuitagainst;thefirm;(c);Withdrawasuitfiledonbehalfofthefirm;(d);Toissuechequesonbehalfofthefirm;42.;Theimplied authority ofanypartner;issubjectto;(a);Usageorcustomsofthetrade;(b);Specificauthorityofthepartners;(c);Both(a)and(b);(d);Either (a)or(b);43.;Noticetoa partner;operatesas noticetothefirm.Forsuchpurpose;noticemay begivento;(a);All;thepartnersjointly;(b);Apartnerwhohabituallyactsinthebusiness;ofthefirm;(c);Anytwopartners;(d);Onlythedormantpartners;44.;Aminormaygivepublic;noticeofhisdecisiontocontinueorwithdraw;fromthefirmonhisattaining;majoritywithin;(a);Threemonths;(b);Sixmonths;(c);Ninemonths;(d);Oneyear;45.;Onattainingmajority;whentheminorpartnerelectsnottobecomea partner;hisshareisnotliable;forany actsof thefirmdone?;(a);Afterhisadmissiontobenefitsofpartnership;(b);Afterthedateofgivingpublicnotice;(c);Afterthedateofattaining;majority;(d);Afterthedateofdissolutionof firm;46.;Aminor,beforeattaining;theageofmajority;hastherightto;(a);Receiveagreedshareofpropertyandofprofits;ofthefirm;(b);Accessandtoinspecttheaccounts;ofthefirm;(c);Suethefirmforhisshareofproperty;orprofitsifhewantstoseverhisconnectionwiththefirm;(d);Alloftheabove;47.;Whenaminoronattaining;theageofmajority;haselectedtobecomeapartner;hebecomespersonallyliabletothird;partiesforalltheactsofthefirmfrom;thedateofhis;(a);Decisiontobecomeapartner;(b);Attainingtheageofmajority;(c);Admissiontothebenefitsofthefirm;(d) Attainingmajorityordecisiontobecomeapartner,whicheverisearlier;48.;Actofafirm'inthePartnership Actmeans;(a);Authorizedacts;(b);Anysuchactoromissionwhichgiverisetoarightenforceablebyoragainst;thefirm;(c);Suchactswhichdonotgiverisetoarightenforceablebyoragainst;thefirm;(d);Actualacts;49.;Accordingtosection31oftheAct,subjecttothecontract;betweenthepartnersandtotheprovi-sionsofsection;30,no personshallbeintroducedasapartnerintoa firm;(a);Withouttheconsent;ofmajorityofpartners;(b);Withouttheconsent;ofalltheexistingpartners;(c);Withouttheconsent;ofRegistrarofFirms.;(d);(a);and (c);50.;Ifapartner;isadjudicatedinsolvent;whichofthefollowingaretheconsequences?;(a);Ceasestobeapartnerinthefirmonthedatetheorderofadjudicationismade.;(b) Theestateoftheinsolvent;partnerisnotliablefortheactofthefirmevenafterthedateoforderofadjudication;(c);Thefirmstands;dissolvedonthe dateofadjudicationunlessthereisacontract;tothecontrary;(d);All theabove

 

Paper#59043 | Written in 18-Jul-2015

Price : $22
SiteLock