Question

Goodwill is an intangible asset reflecting a business's customer connections, reputation and similar factors.(Requtation)​

Answer 1

Answer:

One of the concepts that can give non-accounting (and even some accounting) business folk a fit is the distinction between goodwill and other intangible assets in a company’s financial statements. Perhaps the confusion is to be expected. After all, goodwill denotes the value of certain non-monetary, non-physical resources of the business, and that sounds like exactly what an intangible asset is.

However, there are many factors that separate goodwill from other intangible assets, and the two terms represent separate line items on a balance sheet.

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