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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