The capital of a business is ascertained by preparing _________

(a)

Trading account

(b)

Statement of profit or loss

(c)

Balance sheet

(d)

Statement of affairs

A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as __________

(a)

Nominal method

(b)

Cash method

(c)

Conversion method

(d)

Net profit method

Capital fund also called as ___________

(a)

accumulated fund

(b)

special fund

(c)

donation fund

(d)

none of these

Interest on capital is to be calculated on the capitals at the beginning for the ____________

(a)

particular period

(b)

relevant period

(c)

average period

(d)

all of these

Average Capital employed Rs. 4,00,000

Net profit 2011	2,50,000
2012	1,00,00(Loss)
2013	4,50,000
N R R	10%

Goodwill at 3 years purchase of super profit will be __________

(a)

Rs. 1,80,000

(b)

Rs. 90,000

(c)

Rs. 1,50,000

(d)

Rs. 1,20,000

On admission of a partner if goodwill account is to be raised this should be debited to __________

(a)

Partner's capital account

(b)

Partner's capital account

(c)

Revaluation account

(d)

None of these

At the time of retirement of a partner, calculation of new profit ratio is __________

(a)

Compulsory

(b)

Optional

(c)

Necessary

(d)

Not necessary

The capital of a company is divided into small units of ________

(a)

current amount

(b)

fixed amount

(c)

capital amount

(d)

none of these

The minimum share Application money is _______________

(a)

5% of the face value of shares

(b)

10% of the issue price of shares

(c)

Rs.1 per share

(d)

15% of the face value of shares

Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________

(a)

5 times

(b)

4 times

(c)

7 times

(d)

8 time