Goodwill MCQs [Set 1]

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Created on By One Mark Solution

Goodwill MCQs [Set 1]

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1) Identify the correct statement

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2) Goodwill is classified into

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3) What is the formula for calculating goodwill under the super profit method?

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4) Goodwill needs to be valued when?

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5) Super profit being zero indicates that the actual average profit is less than or equal to the normal profit. State if it is true or false.

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6) The reward an organization receives by selling its assets at a high rate of price beyond its fair value is

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7) Goodwill helps an organization in bringing what kind of profits?

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8) Excess of ____________profits over ___________ profit is called super profit?

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9) Which goodwill is recorded in the book of accounts as per accounting standard 26?

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10) Is it true that goodwill calculated by one method is equivalent to goodwill calculated by other methods?

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