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In the purchase of a business, a buyer has paid more than the value of...

Accounts - Principles of Accounts
WAEC 2016

In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as

  • A. Bonus
  • B. Goodwill
  • C. Net profit
  • D. Premium
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Correct Answer: Option B
Explanation

When buying or selling a businessgoodwill represents the value of the business that is above and beyond the worth of separately identifiable tangible business assets. Unlike physical assets, like buildings or equipment, goodwill is an intangible asset.


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now