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JAMB Principles of Accounts 2008 Question 41

Question 41

Company Accounts

Goodwill can be in the balance sheet as

  1. A.fixed tangible asset
  2. B.current asset
  3. C.fictitious asset
  4. D.liquid asset
Show the answer and explanation

Answer: C (fictitious asset)

Explanation

Goodwill cannot be seen or touched; this question treats it with the fictitious (non-physical) assets.