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Financial Accounting Exam
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Financial Accounting Exam
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25 Questions

1. In the absence of an agreement, interest on drawings is
2. In which ratio an amount of goodwill brought in by new partner is shared by old partners?
3. In the absence of an agreement to the contrary, the partners are
4. When a new partner gives cash for goodwill, the amount is credited to
5. On amalgamation, expenses on dissolution of vendor firm paid by purchasing firm
6. Royalty account is in the nature of
7. In setting the accounts of a firm after its dissolution, assets of the firm shall be applied first in paying
8. The difference between average profit minus normal profit is
9. All accumulated losses are transferred to the capital a/c partners in the
10. Partnership Act provides interest on the amount left by the retiring partner
11. Whenever a new partner is admitted the Profit Sharing Ratio will change and the changed ratio will be known as
12. For the firm, interest on drawing is
13. Liabilities not taken over by the new firm (at the time of amalgamation) will be transferred to
14. General Reserve at the time of admission of a new partner is transferred to
15. In the case of retirement of a partner, goodwill at its full value is credited to the account of
16. The gains or losses on revaluation, on admission of a new partner, are shared
17. In case of death of a partner, all accumulated profits are distributed among all partners in the
18. Royalty are connected with the following type of business
19. When goodwill amount is withdrawn by the partner account is credited.
20. The accumulated profits and reserves are transferred to :
21. Change in profit sharing ratio among partners leads to
22. A partner who takes active part in the firms business is known as partner
23. The difference between new profit ratio and old profit ratio is
24. In settling the accounts of a firm after dissolution, assets of the firm shall be applied first in paying _____.
25. Fire insurance provides cover for

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