Goodwill In Partnership Accounts One Mark Question

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    10 x 1 = 10
  1. Which of the following statements is true?

    (a)

    Goodwill is an intangible asset

    (b)

    Goodwill is a current asset

    (c)

    Goodwill is a fictitious asset

    (d)

    Goodwill cannot be acquired

  2. Super profit is the difference between

    (a)

    Capital employed and average profit

    (b)

    Assets and liabilities

    (c)

    Average profit and normal profit

    (d)

    Current year’s profit and average profit

  3. When the average profit is Rs.25,000 and the normal profit is Rs.15,000, super profit is

    (a)

    Rs.25,000

    (b)

    Rs.5,000

    (c)

    Rs.10,000

    (d)

    Rs.15,000

  4. Book profit of 2017 is Rs.35,000; non-recurring income included in the profit is Rs.1,000 and abnormal loss charged in the year 2017 was Rs.2,000, then the adjusted profit is

    (a)

    Rs.36,000

    (b)

    Rs.35,000

    (c)

    Rs.38,000

    (d)

    Rs.34,000

  5. The total capitalised value of a business is Rs.1,00,000; assets are Rs.1,50,000 and liabilities are Rs.80,000. The value of goodwill as per the capitalisation method will be

    (a)

    Rs.40,000

    (b)

    Rs.70,000

    (c)

    Rs.1,00,000

    (d)

    Rs.30,000

  6. The monetary value of such advantage is termed as

    (a)

    Goodwill

    (b)

    Bank overdraft

    (c)

    Capital

    (d)

    Cash

  7. Goodwill helps in earning more profit and attracts more

    (a)

    customers

    (b)

    producers

    (c)

    competitors

    (d)

    suppliers

  8. The profit earning capacity of the firm determines the value of its

    (a)

    balance sheet

    (b)

    goodwill

    (c)

    profit and loss account

    (d)

    all of these

  9. Goodwill acquired by making payment in cash or kind is called

    (a)

    Purchased goodwill

    (b)

    Self-generated goodwill

    (c)

    Average goodwill

    (d)

    'a' and 'b'

  10. Which of the following method, goodwill is calculated by multiplying the weighted average profit?

    (a)

    Super profit method

    (b)

    Annuity

    (c)

    Weighted average profit method

    (d)

    All of these

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