Question : Which of the following items are added to the previous year's profits to find normal profit for the valuation of goodwill?

Option 1: loss on sale of fixed assets 

Option 2: manager’s commission 

Option 3: undervaluation of closing stock 

Option 4: all of the above

Question : Under which method of valuation of goodwill, normal rate of return is not considered?

Option 1: Average profit method

Option 2: Capitalisation method

Option 3: Super profit method

Option 4: All of these

Question : Expenses expected to be incurred to earn profit are deducted to determine normal profit for valuation of __________.

Option 1: Preliminary expenses 

Option 2: Normal expenses 

Option 3: Underwriting commission 

Option 4: Goodwill 

Question : Goodwill and copyright are examples of which assets?

Option 1: Liquid asset

Option 2: Current asset

Option 3: Fixed asset

Option 4: Intangible asset

Question : Partner's salary is debited to:

Option 1: Trading Account

Option 2: Profit and Loss Account

Option 3: Profit & Loss Appropriation Account

Option 4: None of these