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Published on: 01/09/2022
QB365 provides a detailed and simple solution for every Possible Creative Questions in Class 12 Accountancy Subject - Goodwill In Partnership Accounts, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
The company earns a net profit of Rs. 24,000 with a capital of Rs. 1,20,000. The NRR is 10% under capitalisation of super profit goodwill will be ___________
Rs. 70,000
Rs. 24,000
Rs. 12,000
Rs. 1,20,000
2.
Goodwill as per purchase of average profit method is equal to ____________
Average profit
Average profit x Amount of purchases
Average profit x Number of years purchases
All of the above
3.
Normal profit is ___________
average profit earned
profit earned by similar companies in the same industry
both 'a' and 'b'
none of the above
4.
Super profit is ___________
excess of average profit over normal profit
extra profit earned
average profit earned by similar companies
none of the above
5.
Goodwill is paid for obtaining ____________
future profit
present benefit
past benefit
none of the above
6.
Goodwill is to be valued when ____________
amalgamation takes place
a partner is admitted
one company takes over another company
all of the above
7.
The total capitalised value of the business is calculated by capitalising the average profits on the basis of __________
average profit
normal rate of return
actual capital employed
none of these
8.
Self- generated goodwill should not be shown in the ______________
journal
ledger
balance sheet
books of accounts
9.
Which of the following method, goodwill is calculated by multiplying the weighted average profit?
Super profit method
Annuity
Weighted average profit method
All of these
10.
Goodwill acquired by making payment in cash or kind is called __________
Purchased goodwill
Self-generated goodwill
Average goodwill
'a' and 'b'
11.
The profit earning capacity of the firm determines the value of its _____________
balance sheet
goodwill
profit and loss account
all of these
12.
Goodwill helps in earning more profit and attracts more _________
customers
producers
competitors
suppliers
13.
The monetary value of such advantage is termed as ____________
Goodwill
Bank overdraft
Capital
Cash
14.
Goodwill is shown under fixed assets in the ___________
Trial balance
Balance sheet
Trading account
Profit and loss account
15.
Which is the present value of a firm's future excess earnings?
Fixed asset
Current assets
Good will
None of these
1.
(d)
Rs. 1,20,000
2.
(c)
Average profit x Number of years purchases
3.
(b)
profit earned by similar companies in the same industry
4.
(a)
excess of average profit over normal profit
5.
(a)
future profit
6.
(d)
all of the above
7.
(b)
normal rate of return
8.
(d)
books of accounts
9.
(c)
Weighted average profit method
10.
(a)
Purchased goodwill
11.
(b)
goodwill
12.
(a)
customers
13.
(a)
Goodwill
14.
(b)
Balance sheet
15.
(c)
Good will
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