According to Generally Accepted Accounting Principles,goodwill Must Be Amortized

question 64

True/False

According to Generally Accepted Accounting Principles,goodwill must be amortized.

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Definitions:

Damaged

Refers to goods or items that are impaired, reduced in value, or made less useful due to wear, tear, or harm.

Sales Revenue

The total amount of income generated from the sale of goods or services related to a company's primary operations.

Contra Revenue Account

An account that is offset against a revenue account on the income statement.

Sales Returns

Goods returned by customers to the seller after the sale, often due to defects, not meeting the buyer's needs or other reasons.