When an Entire Business Is Purchased Goodwill Is the Excess

question 234

True/False

When an entire business is purchased goodwill is the excess of cost over the book value of the net assets acquired.

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, which governs international purchase and sale agreements.

UNCITRAL Model Law on Electronic Signatures

An international framework designed to facilitate the use of electronic signatures and ensure their legal recognition and equivalence to traditional handwritten signatures.

Judicial Branch

The branch of government responsible for interpreting the laws, adjudicating legal disputes, and administering justice.

World Court

The International Court of Justice (ICJ), the principal judicial organ of the United Nations, responsible for settling legal disputes between states and giving advisory opinions on international legal issues.