12th class Principles of Accounting MCQS
The value of goodwill can be calculated with the help of
Super profits method
All of the above
Average profits method
Capitalization method
The method for preparing the final accounts in trading concerns and non-profit making organizations are
Same
Easy
Difficult
Different
Goodwill is valued when
New partner is admitted
Loss is suffered
One year is completed
Profit is earned
In case of dissolution, partners personal assets are first used for the payment of:
Court liabilities
Personal liabilities
Firm’s liabilities
None of these
The benefit and advantage of the good name or reputation of a business.
Depreciation
Goodwill
Amortization
Liability
Dissolution of firm due to the insolvency or due to the happening of an event, which makes it unlawful for partners to carry on partnership is called:
Dissolution by agreement
Compulsory dissolution
Dissolution on the happening of certain contingencies
Dissolution by court
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