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Goodwill in Partnership Accounts - TN State Board 12th Accountancy Book Back Solution Guide

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Chapter 4 Goodwill in Partnership Accounts I. Choose the correct answer 1. Which of the following statements is true? (a) Goodwill is an intangible asset (b) Goodwill is a current asset     (c) Goodwill is a fictitious asset (d) Goodwill cannot be acquired Answer: (a) Goodwill is an intangible asset 2. Super profit is the difference between (a) Capital employed and average profit (b) Assets and liabilities (c) Average profit and normal profit (d) Current year’s profit and average profit Answer: (c) Average profit and normal profit 3. The average rate of return of similar concerns is considered as (a) Average profit (b) Normal rate of return (c) Expected rate of return (d) None of these Answer: (b) Normal rate of return 4. Which of the following is true? (a) Super profit = Total profit / number of years (b) Super profit = Weighted profit / number of years (c) Super profit = Average profit – Normal profit (d) Super profit = Average profit × Years of pu
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Accounts from Incomplete Records - TN State Board 12th Accountancy Book Back Solution Guide

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Chapter 1 Accounts from incomplete records I. Choose the correct answer 1. Incomplete records are generally maintained by (a) A company (b) Government (c) Small sized sole trader business (d) Multinational enterprises Answer: (c) Small Sized sole trader business 2. Statement of affairs is a (a) Statement of income and expenditure (b) Statement of assets and liabilities (c) Summary of cash transactions (d) Summary of credit transactions Answer: (b) Statement of assets and liabilities   3 . Opening statement of affairs is usually prepared to find out the (a) Capital in the beginning of the year (b) Capital at the end of the year (c) Profit made during the year (d) Loss occurred during the year Answer: (a) Capital in the beginning of the year 4. The excess of assets over liabilities is (a) Loss (b) Cash (c) Capital (d) Profit Answer: (c) Capital 5. Which of the following items relating to bills payable is transferred to total creditors account? (a) Opening
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TN State Board 12th Accountancy Book Back Solution Guide

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Getting the solution for book back questions for school subjects is easy now. This page will be a user friendly for school students to find solutions for their school book back questions. Keep monitoring the development of this page to find more informative messages and guidance for school students to improve in their studies.  Chapter 1 Accounts from Incomplete Records Chapter 2 Accounts of not-for-profit organisation Chapter 3 Accounts of partnership firms-fundamentals Chapter 4 Goodwill in partnership accounts Chapter 5 Admission of a partner Chapter 6 Retirement and death of a partner Chapter 7 Company accounts Chapter 8 Financial Statement Analysis Chapter 9 Ratio Analysis Chapter 10 Computerised Accounting system-Tally
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