Joint Venture MCQs [Multiple Choice Questions and Answers 2025 Free PDF]

In this page, you will get Joint Venture MCQs Multiple Choice Questions and Answers which are useful for BCOM, MCOM, UKPSC Assistant Accountant Exam and Various Professional Exams Like CA/CMA and CS.

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1) Joint Venture is a:

a) Personal A/c

b) Nominal A/c

c) Real A/c

d) Memorandum A/c

Ans: b) Nominal A/c

2) Joint Bank A/c is a:

a) Nominal A/c

b) Personal A/c

c) Real A/c

d) Dummy A/c

Ans: b) Personal A/c

3) Joint Venture with another co-venturer A/c is a:

a) Personal A/c

b) Nominal A/c

c) Real A/c

d) Memorandum A/c

Ans: b) Nominal A/c

4) Which of the following account is opened when separate joint venture account is opened?

a) Joint venture A/c

b) Joint bank A/c

c) Coverture A/c

d) All of the above

Ans: d) All of the above

5) What does the balance in Memorandum Joint Venture A/c shows –

a) Profit or loss.

b) Closing Stock.

c) Balance due from other co-venturer.

d) Difference in Trial Balance.

Ans: a) Profit or loss.

6) The partners to joint venture are called

a) Bailor and bailee

b) Partner’s

c) Coverture

d) Principal and agent

Ans: c) Coverture

7) Provisions of Indian Partnership Act are also applicable to Joint Venture.

a) True

b) False

Ans: a) True

8) Which of these is not a part of double entry system?

a) Joint Bank A/c

b) Memorandum A/c

c) Joint Venture A/c

d) Joint Venture with other co-venturer A/c

Ans: b) Memorandum A/c

9) Loss on Joint Venture is:

a) Credited to Profit and Loss A/c

b) Debited to co-venturers capital A/c

c) Credited to Capital Fund A/c

d) Debited to Suspense A/c

Ans: b) Debited to co-venturers capital A/c

10. Stock left over taken by a Co-venturer is:

a) Debited to Joint Venture A/c

b) Credited to Co-venturer A/c

c) Credited to Joint Venture A/c

d) Credit to Joint Bank A/c

Ans: c) Credited to Joint Venture A/c

11. Which of these is not a feature of a Joint venture?

a) Continuing business

b) No firm name

c) Partners called co-venturer

d) Partnership for limited purpose

Ans: a) Continuing business

12. Which of these accounts are not opened in a joint venture?

a) Stock reserve

b) Joint bank A/c

c) Joint venture A/c

d) Co-venturers personal A/c

Ans: a) Stock reserve

13. Profit or loss on joint venture business is shared by the co-venturers –

a) Equally

b) In the ratio of capital contributed

c) In the agreed upon ratio

d) As per their age

Ans: c) In the agreed upon ratio