Question: (a) Define the term goodwill and distinguish between internally generated goodwill and goodwill acquired in a business combination. (b) Identify the main features of goodwill

(a) Define the term "goodwill" and distinguish between internally generated goodwill and goodwill acquired in a business combination.
(b) Identify the main features of goodwill which distinguish it from other intangible assets and which warrant a special accounting treatment.
(c) Why is not logical to amortise purchased goodwill?

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a Good will is an intangible asset that arises when a company is purchased for a price that is highe... View full answer

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