CA Foundation Practice Questions

Partnership and LLP Accounts Which document is created to outline the rights and duties of partners?a) Memorandum of Associationb) Articles of Associationc) Partnership Deed d) LLP Agreement In the absence of a partnership deed, partners share profits and losses:a) Equally b) In capital ratioc) Based on aged) Based on experience Which account is not prepared […]

Preparation of Final Accounts & Sole Proprietor 1. Final accounts include which of the following?A. Trial BalanceB. LedgerC. Trading and Profit & Loss Account and Balance SheetD. Cash BookAnswer: C 2. The main objective of preparing final accounts is to find out:A. Net SalesB. Financial Position and Profit or LossC. Cash in handD. Number of […]

Bills of Exchange and Promissory Notes – CA Foundation Q1. A bill of exchange is drawn by the ___.a) Creditorb) Debtorc) Bankd) BuyerAnswer: a) Creditor Q2. Promissory Note is made by the ___.a) Payeeb) Drawerc) Debtord) EndorseeAnswer: c) Debtor Q3. The person to whom the bill is payable is known as ___.a) Drawerb) Draweec) Payeed) […]

International Trade MCQs for CA Foundation Q1. What is the main purpose of international trade?a) To restrict importsb) To increase domestic production onlyc) To exchange goods and services across countriesd) To increase taxes on exports Answer: c) To exchange goods and services across countries Q2. Which theory explains that countries should specialize in producing goods […]