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12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    5 x 1 = 5
  1. Goodwill helps in earning more profit and attracts more _________

    (a)

    customers

    (b)

    producers

    (c)

    competitors

    (d)

    suppliers

  2. 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'

  3. Self- generated goodwill should not be shown in the ______________

    (a)

    journal

    (b)

    ledger

    (c)

    balance sheet

    (d)

    books of accounts

  4. Goodwill is to be valued when ____________

    (a)

    amalgamation takes place

    (b)

    a partner is admitted

    (c)

    one company takes over another company

    (d)

    all of the above

  5. Super profit is ___________

    (a)

    excess of average profit over normal profit

    (b)

    extra profit earned

    (c)

    average profit earned by similar companies

    (d)

    none of the above

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