What is goodwill?

Multiple Choice

An intangible asset representing the excess of consideration transferred over the collective fair values of the net identifiable assets acquired in a business combination

An expense that an acquiring firm recognizes for the excess of consideration transferred over the collective fair values of the net identifiable assets acquired in a business combination

A concept representing synergies resulting from a business combination but not recognized for financial reporting purposes

An internally developed intangible asset that is recognized on a business firm$$s balance sheet as the business generates profits in excess of a normal rate of return on its identifiable net assets