_____ is the excess of the purchase consideration over the net value of assets
Financial Accounting

Quiz
•
Other
•
11th Grade
•
Hard
okwurugbe morrison
Used 223+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
cash
goodwill
purchase consideration
capital reserve
2.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
On settlement of the vendors account, the correct accounting entries are debit vendor account and credit
bank account
purchase consideration account
capital reserve account
goodwill account
3.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The system of acquiring a business as a going concern by another business is (a) business consideration (b) goodwill (c) redemption reserve (d) purchase of business.
business consideration
goodwill
redemption reserve
purchase of business
4.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The person or firm that sells its business to another firm or company is referred to as
goodwill
capital reserve
vendor
purchase consideration
5.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The firm that acquires a business and sell it to another company for profit is
seller
corporate company
promoter
a vendor
6.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The following are objectives of amalgamation EXCEPT
to reap economies of scale
to eliminate competition
to build up goodwill
to compete with government
7.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
_____ is the blending together two or more existing companies into one
combination
amalgamation
purchase of business
blending
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