Q15.Goodwill is an
(1)Tangible Asset.
(2) Intangible Asset.
(3) Current Asset.
(4) Fictitious Asset.
Answer
Intangible Asset.
Related Questions on Introduction to Accounting
Q16.Goods taken by the proprietor for personal use is
(1) Sale.
(2) Drawings.
(3) Purchase.
(4) None of these.
Answer
Drawings.
Q17.Deepti wants to buy a building for her business today. Which of the following is the relevant data for his decision?
(1) Building cost details of 2003
(2) Similar business acquired the required building in 2000 for Rs. 10,00,000
(3) Similar building cost in August, 2005 Rs. 25,00,000
(4) Building cost details of 1998
Answer
Similar business acquired the required building in 2000 for Rs. 10,00,000
Q18.Debit means
(1) an increase in asset.
(2) an increase in liability.
(3) an increase in the proprietor’s equity.
(4) a decrease in asset.
Answer
an increase in asset.