Faculty

Financial Accounting 2 MCQs: 166 Questions & Answers in Faculty

166 Financial Accounting 2 MCQs in Faculty with answers & explanations. Page 4. Practice objective questions for competitive exams, interviews & self-assessm… Use the answer toggle below to show or hide all solutions, tap an option to check one question, or open a question for its own page.

Page 4 of 9

Show answers

Answers hidden — tap an option or use “View Answer” on each question.

Financial Accounting 2 MCQs: 166 Questions & Answers in Faculty

An account operated to ascertain the loss or gain at the death of a partner is called:

If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:

The accounting procedure at the retirement of partner is valued:

Partners equity is effected due to:

Revaluation account is operated to find out gain or loss at the time of:

In case of retirement of a partner full good will is credited to the accounts of:

The partnership may come to an end due to the:

In the revaluation account an increase in the value of land and building:

In the revaluation account a decrease in the value of plant and machinery:

At the time of a new partner Goodwill:

A new partner may be admitted to a partnership:

At the time of admission of a new partner, general reserve is:

An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners:

Goodwill of the firm is valued Rs. 30000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.

Value of goodwill agreed upon Rs. 30000 on C, S admission and allowing him ¼ share of total profit Goodwill is brought in cash, the amount of goodwill be as:

Goodwill is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of goodwill be:

At the time of admission an incoming partner contributes as goodwill:

At the time of admission of a new partner the firm is:

Interest on capital Account:

Salary paid to partner should be:

Study tips for Financial Accounting 2