Quizee

Goodwill is an _______ asset

• Current

• Fixed

• Tangible

• Intangible

Answer explanation

Intangible

Sales account and account sales are synonymous terms.

• True

• False

Control accounts is prepared for

• Trade Receivable

• Trade Payable

• Trade Receivable & Trade Payable

• None

Sales figure in Control account is taken from

• Sales Ledger

• Sales Journal

• Sales Account

• Cash Book

How is Interest on loan recorded

• Interest on loan

  Dr

  Partners Loan A/C

  Cr

• Interest on loan

  Dr

  Proift & Loss A/C

  Cr

• Interest on loan

  Dr

  P/L Appropriation A/C

  Cr

• Profit & Loss A/C

  Dr

  Interest on loan A/C

  Cr

Which of the following is the characteristic of a business?

• Production

• Exchange or sale

• Risk element

• All the above

A trademark is a recognizable sign, design or expression which distinguished products or services of a particular trade from the similar products or services of other traders

• true

• false

Rohan a budding musician created a lot of musical notes for his upcoming video. He was extremely thrilled to listen to his compositions. He presented his compositions to his friend Victor. The release of musical video of Rohan was getting delayed for a few months due to shortage of cash. Meanwhile Victor used most of the musical compositions of Rohan in his video. Rohan was extremely upset to know that his friend had cheated him and used all his work. What could have Rohan done to save his work?

• patent

• copyright

• trademark

Social responsibility is:

• Same as legal responsibility

• Broader than legal responsibility

• Narrower than legal responsibility

• None of the above

If business is to operate in a society which is full of diverse and complicated problems, it may have

• Little chances of success

• Great chances of success

• Little chance of failure

• No relation of success or failure