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Financial Accounting MCQs

What is Goodwill in financial reporting?

Goodwill is an Asset account. When a company is purchased for more than the assets are worth the off setting account is called Goodwill.

Goodwill is something you do without wanting anything in return.

There is no such account that is considered Goodwill in accounting.

Goodwill is a charitable donation place. You can take household items to Goodwill and get a tax dedution.

Answer

Correct Answer: Goodwill is an Asset account. When a company is purchased for more than the assets are worth the off setting account is called Goodwill.

Explanation:

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