Define the term goodwill . Give an example of a transaction that would result in the recording

Question:

Define the term . Give an example of a transaction that would result in the recording of on the balance sheet.

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...