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WAEC Financial Accounting 1998 Question 14

Question 14

Final Accounts of a Sole Trader

Which of the following is an intangible asset?

  1. A.Goodwill
  2. B.Furniture and Fittings
  3. C.Cash in hand
  4. D.Proprietor's capital
  5. E.Fixed Deposit.
Show the answer and explanation

Answer: A (Goodwill)

Explanation

Goodwill has value but no physical form.