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Goodwill is not a fictitious asset.

Monjur Alahi

State True or False with reason:

Goodwill is not a fictitious asset.


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Salim Ahmed Kawsar

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This statement is True.

Goodwill is the reputation or name and fame of a business organization in the market. It is the money value of a business reputation earned by a business. It is an intangible asset. Fictitious assets are created by accounting entry in the books of accounts it doesn’t have any realizable value.

E.g : Share issue expenses.

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i. Goodwill is ________ asset.  (a) Tangible  (b) Current  (c) an intangible  (d) None of these

i. (c) an intangible ii. (b) Personal iii. (b) Giver iv. (c) Goes out v. (b) Expenses and Losses

2 Answers 1 views
i. A loan account is a personal account. ii. A goodwill account is a real account. iii. A discount account is a nominal account.

i. This statement is True. The loan is taken from a person or bank and they are persons either natural or person or artificial persons. ii. This statement is True. All properties/assets come under real...

2 Answers 1 views
i. Increase in asset is debited and decrease in asset is _______ ii. Assets = Liabilities + ________

i. Credited ii. Capital iii. Debited iv. Double Entry System v. Income and Gains

2 Answers 1 views
Give two circumstances in which the sacrificing ratio is applied. (i) At the time of admission of a new partner for distributing goodwill brought in b

(i) At the time of admission of a new partner for distributing goodwill brought in by him. (ii) For adjusting goodwill in the case of change in the porfit-sharing ratio...

2 Answers 1 views
It is not necessary to depreciate an asset if it is not in use.

This statement is False. The working life of fixed assets decreases with passes of time. The value of these assets decreases every year as new technology introduced in the market old becomes...

2 Answers 1 views
Profit on sale of the asset is credited to an asset account.

Profit on sale of the asset is debited to an asset account.

2 Answers 1 views
i. ________ is excess of assets over liabilities.  (a) Goodwill  (b) Capital  (c) Investments  (d) Drawings

i. (b) Capital ii. (b) Profit and Loss iii. (d) Balance Sheet iv. (b) Liability v. (b) Profit and Loss

2 Answers 2 views
Goodwill is -  (A) Tangible asset  (B) Intangible asset  (C) Current asset  (D) None of these

Correct option is: (B) Intangible asset

2 Answers 1 views
Discount on issue of debentures is :-  (A) Fixed Asset  (B) Current Asset  (C) Real Asset  (D) Fictitious Asset

Correct option is: (D) Fictitious Asset

2 Answers 1 views
(i) Goodwill is a tangible asset. (ii) For income tax purposes an accounting year starts on 1st January and ends on 31st March.

(i) Disagree (ii) Disagree (iii) Disagree (iv) Disagree (v) Disagree

2 Answers 1 views

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