1 D
2 A
3 B
4 C
5 D
6 A
7 B
8 B
9 C
10 B
11 B
12 D
13 B
14 B
15 B
16 B
17 C
18 B
19 B
20 A
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1. A branch that works independent to the head office is also known as:
A. Investment centre
B. Profit centre
C. Retail centre
D. Whole sale branch
2. If the head office send cash Rs. 49,000 for the payment of salaries during the year, under the debtor system Rs. 49,000 would be considered as:
A. An expense for the branch
B. Fresh capital for the branch
C. An asset for the branch
D. A liability for the branch
3. The difference between the cost price and the invoice price is known as:
A. Gross Profit
B. Loading
C. Sale price
D. Net Profit
4. Which one of the following is TRUE about the independent branch?
A. It is wholly controlled by the head office
B. It is also called a service branch
C. It has a separate legal entity
D. Books are prepared on double entry system
5. Which of the following account is NOT attributed to the books of an independent branch?
A. Cash Account
B. Goods-in-Transit Account
C. Creditors Account
D. Capital Account
6. Which of the following represents the partnership agreement in writing?
A. Partnership registration
B. Partnership-at-will
C. Partnership deed
D. Partnership certification
7. Which of the following statement is NOT TRUE about the branch Trial Balance?
A. It is prepared by the head office
B. It is only prepared by the independent branch
C. It shows the accuracy of debits and credits
D. All the closing balances of ledger accounts appear in Trial Balance
8. Mr. A is the incoming partner, is to bring Rs. 6,000 by way of goodwill for 1/5th share in the firms profit. The total goodwill of the firm will be valued at:
A. Rs. 1,200
B. Rs. 17,000
C. Rs. 33,000
D. Rs. 30,000
9. If the value of whole business is Rs. 600,000 and Net assets or capital is Rs. 320,000. What is the value of Goodwill under the capitalization method?
A. Rs. 280,000
B. Rs. 320,000
C. Rs. 560,000
D. Rs. 920,000
10. Which of the following is TRUE with respect to the loss on revaluation of assets and liabilities?
A. Revaluation account is credited
B. Capital of old partners are credited
C. Revaluation account is debited
D. New profit ratio is utilized for loss distribution
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