{"id":17260,"date":"2022-04-01T12:22:13","date_gmt":"2022-04-01T06:52:13","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=17260"},"modified":"2026-02-09T21:16:29","modified_gmt":"2026-02-09T15:46:29","slug":"accounting-for-limited-liability-partnership-mcq","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/accounting-for-limited-liability-partnership-mcq\/","title":{"rendered":"Accounting for Limited Liability Partnership MCQ&#8217;s | Financial Accounting (Free Resource)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-text-align-center\"><strong><strong><strong>Accounting for Limited Liability Partnership MCQ<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/financial-accounting-mcqs\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/financial-accounting-mcqs\/\">MCQs on other topics of Financial Accounting <\/a><\/strong><\/li>\n\n\n\n<li><a href=\"https:\/\/www.icsi.edu\/media\/webmodules\/modelquestionpaper\/CMA-MCQ%20100.pdf\" data-type=\"URL\" data-id=\"https:\/\/www.icsi.edu\/media\/webmodules\/modelquestionpaper\/CMA-MCQ%20100.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Cost Accounting MCQs pdf<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>1. LLP should have minimum.<br><\/strong>(a) 7 partners <br>(b) 50 partners<br>(c) 2 partners <br>(d) 3 partners<\/p>\n\n\n\n<p><strong>2. The maximum number of partners LLP can have is<br><\/strong>(a) 7 partners <br>(b) 50 partners<br>(c) 2 partners <br>(d) No limit<\/p>\n\n\n\n<p><strong>3. Every limited liability partnership shall have at least________ designated partners who are individuals.<br><\/strong>(a) 7 <br>(b) 50<br>(c) 2 <br>(d) 3<\/p>\n\n\n\n<p><strong>4. At least_________ of the designated partners of every limited liability partnership shall be a resident in India.<br><\/strong>(a) one <br>(b) two<br>(c) three <br>(d) seven<\/p>\n\n\n\n<p><strong>5. In absence of LLP Agreement, the mutual rights of Partners and in relation to LLP will be determined as per Schedule_________ of the LLP Act 2008.<br><\/strong>(a) I <br>(b) II<br>(c) VI <br>(d) VIII<\/p>\n\n\n\n<p><strong>6. A Limited Liability Partnership whose contribution exceeds&nbsp;Rs________&nbsp;is required to annually get its accounts audited by any Chartered Accountant in practice.<br><\/strong>(a) 40 Lakh <br>(b) 1 lakh<br>(c) 25 Lakh <br>(d) 50 lakh<\/p>\n\n\n\n<p><strong>7. A Limited Liability Partnership whose turnover exceeds&nbsp;Rs_________&nbsp;is required to annually get their accounts audited by any Chartered Accountant in practice.<br><\/strong>(a) 40 Lakh <br>(b) 1 lakh<br>(c) 25 Lakh <br>(d) 50 lakh<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-1024x576.webp\" alt=\"Accounting for Limited Liability Partnership MCQ\" class=\"wp-image-17275 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-1024x576.webp 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-300x169.webp 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-768x432.webp 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-1536x864.webp 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ-640x360.webp 640w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/04\/Accounting-for-Limited-Liability-Partnership-MCQ.webp 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">Accounting for Limited Liability Partnership MCQ<\/figcaption><\/figure>\n\n\n\n<p><strong>8. LLP is governed by<br><\/strong>(a) Partnership Act, 1932 <br>(b) Companies Act, 1956<br>(c) Limited Liability Partnership Act, 2008 <br>(d) Companies Act, 2013<\/p>\n\n\n\n<p><strong>9. Following can become a partner in the LLP:<br><\/strong>(a) Company incorporated in India <br>(b) LLP incorporated outside India<br>(c) Individuals resident outside India <br>(d) any of the above<\/p>\n\n\n\n<p><strong>10. Following can become a partner in the LLP:<br><\/strong>(a) Company incorporated outside India <br>(b) LLP incorporated in India<br>(c) Individuals resident in India <br>(d) any of the above<\/p>\n\n\n\n<p><strong>11. A partner of LLP has the following right, only if provided in the LLP agreement<br><\/strong>(a) participate in the management of the LLP<br>(b) get remuneration for participating in the management of LLP<br>(c) share equal profits in the LLP<br>(d) transfer his right to share in the profit\/losses of the LLP<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Answers:<\/strong> <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">1)2 partners  2)No limit  3)2  4)one<\/mark>  <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"> 5)I  6)25 Lakh  7)40 Lakh  8)Limited Liability Partnership Act, 2008  9)any of the above  10)any of the above  11)get remuneration for participating in the management of LLP<\/mark> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/youtu.be\/JBqvxERjUy4\" data-type=\"link\" data-id=\"https:\/\/youtu.be\/JBqvxERjUy4\" target=\"_blank\" rel=\"noopener\">Video<\/a> lectures on Accounting for Limited Liability Partnership MCQ&#8217;s.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Accounting for Limited Liability Partnership MCQ<\/p>\n","protected":false},"author":1,"featured_media":17275,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,7],"tags":[4781],"class_list":["post-17260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bcom","category-degree-college","tag-accounting-for-limited-liability-partnership-mcq"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/17260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=17260"}],"version-history":[{"count":6,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/17260\/revisions"}],"predecessor-version":[{"id":41933,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/17260\/revisions\/41933"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/17275"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=17260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=17260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=17260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}