Question

Why Goodwill considered as an intangible asset but not a fictitious asset?

Answer 1

Goodwill is an intangible asset, which means that it cannot be seen or felt but has some realisable value. They are not recorded in the books of accounts.

Whereas, Fictitious assets are assets that are made up and do have any realisable value when sold. They are, however, recorded in the books of accounts.