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Class 12AccountancyPartnership Accounts - Basic ConceptsGoodwillEasy
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What is the simplest meaning of goodwill?

Answer and explanation

Correct answer: Value of firm's good reputation

Goodwill is the value of reputation and extra earning capacity of a firm. In exams remember it as an intangible asset.

Related tags

GoodwillBasic MeaningReputationPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
सुधार सुझाएँ / Earn

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10 more MCQs
  1. 1What is the basic meaning of goodwill in partnership?
  2. 2How is goodwill classified as an asset in accounting?
  3. 3What effect does a firm's good reputation have on its goodwill?
  4. 4Why is a stable customer base important for goodwill?
  5. 5What is the accounting treatment of purchased goodwill?
  6. 6Why is self generated goodwill generally not recorded in books?
  7. 7How is goodwill calculated under average profit method?
  8. 8The average profit is ₹50,000, and goodwill is valued at two years’ purchase. What is the value of goodwill?
  9. 9The profits for the last three years are ₹30,000, ₹45,000 and ₹60,000, respectively. What is the average profit used for calculating goodwill?
  10. 10The average profit for four years is ₹80,000, and goodwill is valued at three years’ purchase. What will be the value of goodwill?
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