Goodwill can be in the balance sheet as?

Assessment: JAMB UTME - Principles of Accounts - 2008 Subject: Financial Accounting

Question 1 Report

Goodwill can be in the balance sheet as?
Answer Details
Goodwill is an intangible asset that represents the value of a business that is not directly attributable to its physical assets or liabilities. It is generated when a company is sold for a price that is higher than the fair market value of its net assets. Goodwill is considered a type of intangible fixed asset and is listed as such on a company's balance sheet. Therefore, the correct answer is that Goodwill can be in the balance sheet as a fictitious asset.
Read lesson note on Miscellaneous Accounts (WAEC)
Read lesson note on Nature And Significance Of Accounting (JAMB)
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