6. The account which is prepared in order to show how profits are distributed amongst the partners is called;

a. Profit & Loss Appropriation A/c

b. None of the above

c. Income statement

d. Profit & Loss A/c

.

7. When the firms operating in the same line of business combine together, it is called;

a. Conglomeration

b. Vertical integration

c. Horizontal integration

d. Merger

.

8. When the firms operating in different lines of unrelated businesses combine, it is called;

a. Merger

b. Conglomeration

c. Vertical integration

d. Horizontal integration

.

9. When the firms operating in the same line of business but at different stages come together, it is called;

a. Horizontal integration

b. Vertical integration

c. Conglomeration

d. Merger

.

10. Goodwill is..

a. Intangible Assets

b. Assets

c. Tangible Assets

d. Current Assets