Sole Proprietorship MCQ

Below Sole Proprietorship quiz are Multiple Choice Questions (MCQs) type Quiz. These Sole Proprietorship MCQ Questions helps you to refresh your Sole Proprietorship, you can see the correct option by clicking on it. .
  • 1. closing stock is recorded in trading account and ___________________________

    • balancesheet liablity side
    • balancesheet asset side
    • profit and loss account
    • trading account debit side
  • 2. The major policy and financial decision makers of a corporation are determined by the...

    • CEO/GM/President
    • Chairman of the Board
    • Shareholders
    • Board of Directors
  • 3. Sole Proprietorship is most suitable for

    • Medium scale concerns
    • Large scale concerns
    • Small scale concerns
    • None of the above
  • 4. Nike, Google and Apple are examples of.....

    • Sole Proprietorships
    • Partnerships
    • Corporations
    • Franchises
  • 5. Which of the following is not the feature of the sole trade?

    • Individual ownership
    • Limited liability
    • Secrecy
    • Undivided risk
  • 6. Which of the following is not the advantage of the sole trader?

    • Easy formation
    • Quick decision
    • Unlimited liability
    • Personal control
  • 7. Which of the following is NOT a type of business ownership?

    • partnership
    • sole proprietorship
    • entrepreneurship
    • franchise
  • 8. Final account includes

    • Trial balance
    • journal entries
    • trading account ,profit and loss account and balance sheet
    • ledger account