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12th Standard Accounts Goodwill In Partnership Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    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. Identify the incorrect pair

    (a)

    Goodwill under Average profit method - Average profit × Number of years of purchase

    (b)

    Goodwill under Super profit method - Super profit × Number of years of purchase

    (c)

    Goodwill under Annuity method - Average profit × Present value annuity factor

    (d)

    Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

  3. 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

  4. 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

  5. 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

  6. The total capitalised value of the business is calculated by capitalising the average profits on the basis of

    (a)

    average profit

    (b)

    normal rate of return

    (c)

    actual capital employed

    (d)

    none of these

  7. Rate of interest is 11% and the rate of risk is 9% The normal rate of return is

    (a)

    11%

    (b)

    9%

    (c)

    20%

    (d)

    2%

  8. _________ Cannot be seen or touched.

    (a)

    Computer

    (b)

    Machinery

    (c)

    Goodwill

    (d)

    All of these

  9. _________ is the profit earned by the similar business firms under normal conditions

    (a)

    Normal profit

    (b)

    Super profit

    (c)

    Average profit

    (d)

    All of these

  10. Goodwill is not a ________ asset

    (a)

    Fixed

    (b)

    Current

    (c)

    Fictitious

    (d)

    None of these

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TN 12th Standard Accountancy free Online practice tests

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