Goodwill helps in earning more profit and attracts more _________

(a)

customers

(b)

producers

(c)

competitors

(d)

suppliers

Goodwill acquired by making payment in cash or kind is called __________

(a)

Purchased goodwill

(b)

Self-generated goodwill

(c)

Average goodwill

(d)

'a' and 'b'

Self- generated goodwill should not be shown in the ______________

(a)

journal

(b)

ledger

(c)

balance sheet

(d)

books of accounts

Goodwill is to be valued when ____________

(a)

amalgamation takes place

(b)

a partner is admitted

(c)

one company takes over another company

(d)

all of the above

Super profit is ___________

(a)

excess of average profit over normal profit

(b)

extra profit earned

(c)

average profit earned by similar companies

(d)

none of the above