The Profit And Loss Account of Partnership - SS2 Accounting Past Questions and Answers - page 1
1
What is the profit and loss account of a partnership?
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A
A financial statement that shows the financial performance of a partnership over a particular period.
B
A statement of the assets and liabilities of a partnership.
C
A statement that shows the distribution of profits among partners.
D
A statement that shows the amount of tax payable by a partnership.
2
What are the revenues in a profit and loss account of a partnership?
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A
Costs incurred by the partnership to generate revenue.
B
Income earned by the partnership, such as sales, commission, rent received, etc.
C
Salaries paid by the partnership.
D
Taxes paid by the partnership.
3
What is the net profit or loss in a profit and loss account of a partnership?
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A
The total revenue earned by the partnership.
B
The total expenses incurred by the partnership.
C
The difference between the total revenue and total expenses.
D
The sum of the total revenue and total expenses.
4
Why is the profit and loss account important for a partnership?
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A
To determine the profitability of the business.
B
To calculate the assets and liabilities of the partnership.
C
To show the distribution of profits among partners.
D
To identify the amount of tax payable by the partnership.
5
What is included in the revenues of a profit and loss account of a partnership?
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6
What is the purpose of preparing a profit and loss account for a partnership?
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