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Financial Accounting Practice Test: Final Accounts Valuation of Goodwill
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Financial Accounting Practice Test: Final Accounts Valuation of Goodwill
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25 Questions

1. The value of Intangible assets is ............- over a period of time. Sol:
2. The total capital employed in the company is ₹8,00,000 a reasonable rate of return is 15% and the profit of the year is 12,00,000. The value of goodwill of the company as per the capitalisation method will be
3. Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
4. Goodwill will have no effect on business Financial status Sol:
5. Which methods of valuation of Goodwill Sol:
6. Goodwill be purchased Sol:
7. The profits of the last three years is55000,50000,45000. Value of goodwill of 2 years purchase of average profit is
8. A unique name of symbol or design given to a product or service for easy identification and distinguishing it from the competitor is known as........-
9. When there is no Goodwill Account in the books and goodwill is raised,…………….account will be debited
10. An exclusive legal right in the form of Logo, Brand, Symbol, Name of Design is known as .... Sol:
11. A firm earns ₹1,00,000. The normal rate of return is 10%. The assets of the company amounted to ₹11,00,000 and liabilities to ₹1,00,000. Value of goodwill by the capitalisation of average actual profit will be
12. Valuation of ............- Assets is difficult. Sol:
13. What do you mean by Super Profit Sol:
14. When does need valuation of Goodwill Sol:
15. This is the feature of Intangible assets Sol:
16. At the time of admission of a new partners general reserve appearing in the old Balance Sheet is transferred to:
17. The excess amount which the firm can get on selling its assets over and above the saleable value of its assets is called
18. If the amount of super profit is negative ,what does it indicate Sol:
19. Following are forms of Intangible assets. Sol:
20. The amount of goodwill is paid by new partner : Sol:
21. When there is a change in the current partners’ association that results in ending the existing agreement and initiate a formation of a new agreement is known as
22. Goodwill is an intangible Assets Sol:
23. From the profits of previous three years, Rs 150000, Rs 300000, and Rs250000/- and the loss in a year ( Rs. 100000/-) the value of goodwill at three years of purchase is ........-
24. An asset which does not have a physical form but has the potential to have a monetary value is known as an ............-
25. If Average Profit of a certain firm for last five years is Rs5,00,000 , Normal profit is Rs 3,50,000/-. What would be the Value of Goodwill at 3years purchase of super profit

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