Goodwill appears in the books of a business only if it has been
Purchased at a certain price
Raised in connection with the admission of a new partner
Raised to account for the true value of a business on the death of a partner
Raised in order to prevent the balance sheet showing that the business is insolvent
Correct answer is B
No explanation has been provided for this answer.
Drawings account
Appropriation account
Capital account
Creditors account
Correct answer is B
No explanation has been provided for this answer.
Income and expenditure account
Receipt and payment account
Balance sheet
Statement of affairs
Correct answer is A
No explanation has been provided for this answer.
Is kept by the treasurer, the latter is not
Deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
Is a T-account, the latter is not
Is not in the ledger, the latter is
Correct answer is B
No explanation has been provided for this answer.
Which of the following categories of labour cost will be classified as direct?
Accountant's salary
Factory workers' salary
Managing director's salary
Cashier's salary
Correct answer is B
No explanation has been provided for this answer.