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

Published on: 06/11/2020

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

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Std: 12th Standard - Accountancy

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Questions:

Multiple Choice Question

10 x 1 = 10

Goodwill is not a ________ asset

(a)

Fixed

(b)

Current

(c)

Fictitious

(d)

None of these

_________ 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

_________ Cannot be seen or touched.

(a)

Computer

(b)

Machinery

(c)

Goodwill

(d)

All of these

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

(a)

11%

(b)

(c)

20%

(d)

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

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

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

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

Identify the incorrect pair

(a)

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

(b)