Having Recognized Goodwill Arising in the Business Combination, Goodwill Cannot

question 9

True/False

Having recognized goodwill arising in the business combination, goodwill cannot be revalued.

---

Definitions:

General Journal

A primary accounting record where financial transactions are recorded in chronological order, before being posted to specific accounts in the general ledger.

Normal Balance

The account side (either debit or credit) that documents the account's increases, based on the type of account.

Financial Statement

Official documentation of a business, individual, or entity's financial transactions and status.

Permanent/Temporary

Classification of employees or work status based on duration of employment, with permanent indicating long-term employment and temporary indicating short-term engagements.