Accountants Do Not Recognise Internally Generated Goodwill Because

question 3

Multiple Choice

Accountants do not recognise internally generated goodwill because:

• A) it is immaterial.
• B) it is not a partnership asset.
• C) it cannot be measured reliably.
• D) it will not provide a future economic benefit.

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Definitions:

Assumptions

Accepted beliefs or statements taken for granted without proof.

Values

Enduring beliefs that a specific mode of conduct or end state of existence is personally or socially preferable to an opposite or converse mode of conduct or end state of existence.

Manifestation

The act of bringing something into reality through thought, belief, or action; often discussed in the context of achieving goals or creating physical outcomes from thoughts.

Organizational Culture

A system of shared values, beliefs, and behaviors that shape the social and psychological environment of a business.