Accounting · Partnership Accounts
Which of the following statements regarding goodwill is NOT correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1As per AS-26, only purchased goodwill should be recognized and recorded in the books of accounts.
- 2Self-generated goodwill is adjusted through Partners' Capital Accounts during reconstruction.
- 3Goodwill is classified as an intangible asset.
- 4Goodwill is classified as a fictitious asset.✓
Correct answer
Goodwill is classified as a fictitious asset.
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