What Is the Accounting Term That Describes an Amount Paid

question 6

Short Answer

What is the accounting term that describes an amount paid for an existing business above the value of its other assets?
A patent
A copyright
Goodwill
A franchise fee
Reputation

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Definitions:

Terminate

Refers to bringing an action or process to an end; to conclude or finish.

Franchise Agreement

A legal contract in which a franchisor grants the franchisee the rights to operate a business under the franchisor's model and brand for a specified period.

Right of First Denial

The Right of First Denial is a contractual right that allows a party to be the first to be offered an opportunity to purchase goods, services, or assets before the offering is made available to others. This term might be confused with "Right of First Refusal" which is commonly used to describe a similar concept.

Franchise Agreement

A legal contract between a franchisor and franchisee, outlining terms for the franchisee to operate under the franchisor's brand and system.