Download App

Reconstitution Of A Partnership Firm – Admission Of A Partner — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyReconstitution Of A Partnership Firm – Admission Of A Partner1 Mark
MCQ
_______ is an intangible asset which arises on acquisition or is internally generated.
  • A
    Copyrights
  • ✓
    Goodwill
  • C
    Trademarks
  • D
    Patent
✓

Answer

Correct option: B.
Goodwill
Fixed Assets are classified in to two categories i.e. tangible assets and intangible assets. Tangible assets are those which can be physically seen and existence of these appears but intangible assets are those which can not be seen physically but it has existence in the business.
Goodwill is considered as intangible assets and this appears in the business by virtue of business growth or this may be acquired while taking over the existing business.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "M.C.Q (1 Marks)" from Reconstitution Of A Partnership Firm – Admission Of A Partner→Reconstitution Of A Partnership Firm – Admission Of A Partner — all question types→Accountancy STD 12 Commerce question papers→CBSE Board STD 12 Commerce question papers→CBSE Board question paper generator→

Similar questions

Balance of Income and Expenditure Account shows:
→
On dissolution, when a partner takes over an asset is debited
→
Which method is useful when the actual profit is less than normal profit?
→
Prepaid Salary is a/an ___________.
→
Identity the item which does not include under Current Account transaction $..........$
→
Partnership is defined as a relationship between persons who have agreed to share the profit of a business carried on by ________ or any one of them acting for _________.
→
Interest on partners' drawings under Fluctuating Capital Accounts is debited to:
→
Choose the correct alternative$-$ At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
→
A partnership firm is compulsorily dissolved under which of these circumstances.
→
Which of the following method is followed when incoming partner brings his share of Goodwill in cash___________.
→