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Super Profit Method
Quiz 1
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Q.1
How do you calculate profit?
income x price
expenses x income
expenses - income
income- expenses
Q.2
A firms earn ₹ 1,20,as its annual profits.The normal rate of profit being% .Assets of the firm are ₹ 14,40,and liabilities are ₹ 4,40,000.Tick the correct option for goodwill by capitalisation method.
₹ 4,00,000
₹ 2,80,000
₹ 2,00,000
₹ 3,60,000
Q.3
Average profit of firm is ₹ 3,00,000.total tangible assets in the firm are ₹ 28,00,and outside liabilities ₹ 8,00,000.The NRR isof capital employed.calculate goodwill by capitalisation of super profit method.
₹ 14,00,000
₹ 16,00,000
₹ 18,00,000
₹ 10,00,000
Q.4
A boy had a bike for Rs 32,and was sold for Rs 46,. What was the boy's profit ?
Rs 13,000
Rs 14,000
Rs 4,000
Rs 78,000
Q.5
A boy had a bike for ₹and was sold for ₹What was the boy's profit?
₹13000
₹12500
₹23500
don't know
Q.6
How many general method(s) of goodwill valuation
6
1
4
3
Q.7
Capital Employed=
Tangible assets- outside liabilities
Average profit-Tangible assets
Super profit -outside liabilities
None of the above
Q.8
Goodwill by super profit=
SPxNRR/100
SPx100/AP
SPx No of year purchase
SPx capital employed/100
Q.9
Super profit =
Average profit-Normal profit
Normal profit-actual profit
Average Profit-capital employed
None of the above
Q.10
Capital employed in the business is ₹ 2,00,000,Normal rate of return(NRR) on capital employed is% .During the year firm earned a profit of ₹ 48,000.Find the correct option if goodwill is 3 years purchase of super profit.
₹ 54,000
₹ 60,000
₹ 50,000
₹ 48,000
Q.11
The profits for the last 3 years were- 1st year-4,,IInd year-6,and IIIrd year-2,000.Select correct option for goodwill on the basis of 3 years purchase of average profit.
₹ 12,500
₹ 12,000
₹ 13,000
₹ 16,000
Q.12
Which of the following is/are method(s) of valuation of goodwill ?
Average profit method
super profit method
capitalisation method
All of the above
Q.13
What are expenses?
money spent on materials or bills
money earned
money you get to keep
Q.14
Find out that goodwill which is accounted for as per Accounting Standard 26
Purchased goodwill only
Self generated goodwill only
both(a) and (b)
Goodwill brought in by a partner
Q.15
Which of the following factor(s) affect goodwill
Nature of business
Efficiency of management
Location
All of the above
Q.16
Nature of goodwill is
intangible asset
fictitious asset
long term liability
current asset
Q.17
Tom helped his uncle move. He spent $for gas for his truck, and $for work gloves. His uncle paid him $for his help. What was Tom's profit?
$50
$150
$250
$30
Q.18
Evan earned $by doing yard work. His profit was $How much were his expenses?
$550
$300
$250
$50
Q.19
How much Profit was made?Sell 2 candies forbaht. They cost costs 3 Baht each to buy.
4 Baht
6 Baht
10 Baht
2 Baht
Q.20
How much Profit was made?Sell Lemonade forbaht a cup. It costsBaht a cup to make.
20 Baht
30 Baht
40 Baht
50 Baht
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