What Is an Intangible Asset That Is Made Up of the Favor

question 2

Multiple Choice

What is an intangible asset that is made up of the favor or reputation of an individual or organization?

• A)competence
• B)caring
• C)goodwill
• D)public relations
• E)trustworthiness

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Definitions:

Deferred Revenue Account

An account on a company's balance sheet that represents payment received from customers for goods or services not yet delivered or completed.

Contra Asset Account

An asset account where its balance is a negative figure that is subtracted from the balance of its related accounts on the balance sheet.

Estimated Inventory Returns

An accounting estimation of goods that will be returned by customers or cannot be sold, affecting inventory valuation on the balance sheet.

Expense Account

An account that tracks the costs incurred by a company in its operational activities.