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When the purchase consideration exceeds the value of business, the difference is

Accounts - Principles of Accounts
WAEC 2014

When the purchase consideration exceeds the value of business, the difference is

  • A. profit
  • B. discount
  • C. goodwill
  • D. reserve
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Correct Answer: Option C
Explanation

Goodwill is an intangible asset associated with the purchase of one company by another. It  is a company's value that exceeds its assets minus its liabilities.

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