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