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Goodwill
An intangible asset that arises when a business is acquired for more than the fair market value of its net assets, representing the value of the business's reputation, brand, and other unquantifiable assets.
Intangibles
Assets that lack physical substance but possess value, such as patents, trademarks, and goodwill.
Amortization Method
A technique used to gradually write off the initial cost of an asset over a period, reflecting its consumption, wear and tear, or obsolescence.
Intangible Asset
An asset that lacks physical substance, such as intellectual property, brand recognition, and trademarks.
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