These are ACCA F4 Global (CL/LW) Corporate and Business Law MCQs for Part-D of the Syllabus “Formation and constitution of business organisations”.

These multiple-choice questions (MCQs) are designed to help ACCA F4 Global students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

Students should not attempt these MCQs until they have studied the entire chapter.
All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F4 Global (CL/LW) exam.

INFORMATION ABOUT THESE CBE MCQs Test/Quiz

Course:	ACCA – Association of Chartered Certified Accountants
Fundamental Level:	Applied Skills
Subject:	Corporate and Business Law
Paper:	F4 Global – CL/LW
Chapter:	Partnerships
Chapter Number:	10 of the Practice and Exam Kit
Syllabus Area:	D – “Formation and constitution of business organisations”
Questions Type:	CBE MCQs
Exam Section:	Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part D of the Syllabus; “Formation and constitution of business organisations” of ACCA F4 Global (CL/LW) Corporate and Business Law Module.

Time

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Result

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Types of Questions

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Multiple choice: Choose all those answers which seem correct/ or incorrect to you, as per the requirement of the question. Keep your eye on the wording “( select all those which are correct/ or incorrect)“.
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Type numbers: Type your answer in numbers as per the requirement of the question.

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F4 (GLO) - Chapter 10 - Part D - MCQs

Course: ACCA - Association of Chartered Certified Accountants
Subject: F4 (LW/CL) (GLOBAL) - Corporate And Business Law
Syllabus Area: D - Formation and constitution of business organizations
Chapter in Kit: 10 - Partnerships
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

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1 / 15

Which of the following statements regarding partnerships is correct?

A partnership must exist for more than a single business transaction

A partner can be an individual living person or a registered company

The business must be profitable

2 / 15

In which form of partnership is there a partner that invests in the partnership but does not take part in the day-to-day running of the business?

Unlimited liability partnership

Limited partnership

Limited Liability Partnership

3 / 15

As a minimum, which of the following formalities is necessary to form an unlimited liability partnership?

Registration of the partnership at Companies House

A decision by the partners to set up business together

A written partnership agreement

4 / 15

A partner's actual authority to bind the partnership in a contract is determined by which of the following?

The actual purpose of the partnership

What is agreed between the partners

The perception third parties have of the purpose of the partnership

5 / 15

Which of the following describes the liability of new partners for partnership debts?

New partners are ordinarily liable for partnership debts that occur after they become a partner

New partners are ordinarily liable for partnership debts in existence when they became a partner

New partners are ordinarily liable for all partnership debts

6 / 15

Under the Partnership Act 1890, which of the following events will cause a partnership to be terminated?

Bankruptcy of a partner

The partnership incurring losses for three consecutive years

Loss of 50% of the partnership's capital

7 / 15

When a partnership is terminated, which of the following is paid off first from the funds raised from the sale of assets?

External debts

Loans from partners

Partners' capital contributions

8 / 15

Which of the following statements regarding Limited Liability Partnerships is correct?

The partnership must have two designated members who are responsible for the publicity requirements of the partnership

A written partnership agreement is required to form the partnership

The partnership dissolves when a partner leaves

The partnership is exempt from audit

9 / 15

Which of the following is true regarding Limited Liability Partnerships?

The partnership does not need to file accounts with the Registrar of Companies

The partnership is liable for its own debts

One partner may not take part in the day-to-day running of the partnership

Where the partnership cannot pay its own debts, the partners are jointly liable up to an amount they have guaranteed

10 / 15

When forming an unlimited liability partnership, a partnership agreement may be written.

Which TWO statements regarding written partnership agreements are correct?

Terms in the agreement override terms implied by the Partnership Act 1890
Written partnership agreements are required by law where there are more than 20 partners in the partnership
Written partnership agreements must be in the form of a deed
Written partnership agreements are not required on formation and may be created at any point in the life of the partnership

1 and 2

2 and 3

3 and 4

1 and 4

11 / 15

Which of the following is true concerning partnerships and legal charges?

Partnerships can grant floating charges only

Partnerships can grant both fixed and floating charges

Partnerships cannot grant fixed or floating charges

Partnerships can grant fixed charges only

12 / 15

Which of the following statements concerning retiring partners is correct?

Retiring partners are responsible for existing partnerships debts when they leave and partnership debts incurred after their retirement, unless third parties are notified of their retirement

Retiring partners are not liable for any partnership debts after they leave

Retiring partners are liable only for existing partnership debts when they leave, unless third parties are notified that they have retired

Retiring partners are only liable for partnership debts incurred after they leave

13 / 15

Which of the following is necessary to terminate a Limited Liability Partnership?

It must be formally liquidated

A court order

An order from the Registrar of Companies

A deed signed by the partners

14 / 15

When an unlimited liability partnership is terminated, which of the following is paid off last out of funds realised from the partnership assets?

Partners' capital contribution

External debts

Partners' share of partnership profits

Partnership loans

15 / 15

Under the Partnership Act 1890, which TWO of the following events will terminate an unlimited liability partnership?

Notice by a partner
The end of an agreed fixed period of time for the partnership
Absence of a partner
Disagreement between the partners

1 and 2

2 and 3

3 and 4

1 and 3

Your score is

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F4 (CL – GLO) – Chapter 10 – PART D – CBE MCQs – ACCA