All of the Following Statements Are True About Goodwill EXCEPT

question 79

Multiple Choice

All of the following statements are true about goodwill EXCEPT:

• A)goodwill is only recorded when it is purchased in the acquisition of another company.
• B)goodwill is not amortized.
• C)in rare cases, companies can record goodwill that they create for their own business.
• D)goodwill has an indefinite life.

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Definitions:

Government

The system or group of people governing an organized community, often a state, and making and enforcing laws.

Funeral Arrangements

The planning and execution of ceremonies and processes involved in the disposition of a deceased person, often including rituals and memorial services.

Decedent

A term for a person who has died, often used in legal contexts, especially in matters of estate and inheritance.

Will

A legal document in which a person states how he or she wants property and possessions distributed after death.