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Accountant exam practice set

26. Which of the following does not call for physical verification?
(A) Stock
(B) Plant
(C) Loose tools
(D) Goodwill


27. Cash from operations is equal to—
(A) Net profit + increase in current assets
(B) Net profit + decrease in current liabilities
(C) Profit from operation ± Adjustment of increase and decrease in current assets and liabilities
(D) Fund from operation ± Adjustment of increase and decrease in current assets and current liabilities


28. Average profit of a firm is Rs. 9000 Firm’s capital is Rs. 60000 and normal return on business is expected at 10%. The goodwill by capitalisation method will be-
(A) Rs. 30000
(B) Rs. 20000
(C) Rs. 25000
(D) Rs. 40000


29. Which of the following is not a current liability?
(A) Bank overdraft
(B) Redeemable debentures
(C) Account payable
(D) Provision for bad debts


30. Amount of under writing commission payable on the issue of debentures is limited to—
(A) 2%
(B) 2.5%
(C) 3%
(D) 5%