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Question
Goodwill is regarded as an___________ asset.
Goodwill is regarded as an___________ asset.
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Solution
The correct option is B intangible
A well-established business develops an advantage of good name, reputation and wide business connections. In accounting, the monetary value of such advantage is known as "goodwill". It is regarded as an intangible asset. In other words, goodwill is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.
A well-established business develops an advantage of good name, reputation and wide business connections. In accounting, the monetary value of such advantage is known as "goodwill". It is regarded as an intangible asset. In other words, goodwill is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.
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