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Accounting For Partnership Firms Goodwill (MCQs)
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Avg score: 33% • Most missed: “Which Factors affecting the value of Goodwill”
Accounting For Partnership Firms Goodwill (MCQs)
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25 Questions

1. When does need valuation of goodwill
2. When partners decide to show assets and liabilities at old value, Which accounts is opened
3. Weighted Average method of calculating goodwill is used when
4. Why new partner needs to bring goodwill?
5. Goodwill can be classified into which categories
6. Super profit method is for goodwill valuation
7. What do you mean by super profit
8. find the goodwill of firm using capitalisation method, the total capital employed in the firm 80000 Rs., reasonable rate of return 15%, Profit for the year 120000 Rs.
9. Purchased Goodwill is
10. Interest on partners capital is calculated on
11. The excess of average profit over the normal profit is called
12. The monetary value of reputation of the business is called
13. When a partner does bring cash for goodwill, an account is raised at
14. When sacrificing ratio is used
15. If the amount of super profit is negative , what does it indicate?
16. Revaluation account is prepared on
17. The valuation of goodwill is not necessary in sole trading
18. When Goodwill account is raised , then credit is given to old partners capital Account in
19. Account is prepared only one time in during the life of firm
20. Which goodwill is recorded in books of accounts ?
21. Goodwill can be classified into which categories
22. The balance of revaluation A/c is transferred to old partners capital account in their
23. When a partner does bring cash for goodwill, an account is raised at
24. Which Factors affecting the value of Goodwill
25. In which ratio the profit or loss on revaluation is shared by the old partners

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