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Question

Goodwill is a _______ asset but not fictitious asset.


A
Tangible
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B
Intangible
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C
Personal
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D
Nominal
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Solution

The correct option is B Intangible
Intangible asset in case of Goodwill is the value added to the firm which is realizable in nature, whereas  fictitious assets do not posses any realizable value as they are created due to accounting entry due to the occurrence of deferred revenue expenditure.

Fundamentals of Accounting and Auditing

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