Question: A.Define goodwill is and explain how its created. B.Why the accounting standards permit the recognition of purchased goodwill while at the same time they prohibit

A.Define goodwill is and explain how its created.

B.Why the accounting standards permit the recognition of purchased goodwill while at the same time they prohibit the recognition of internally generally goodwill by an entity?

C. The accountant standards prescribe that after an entity recognises purchased goodwill and then goodwill is to be tested annually for impairment. What is meant by that? Provide an example.

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