Which of the given options is not a accounting principle
A) Materiality
B) Goodwill
C) Consistency
D) Revenue Recognition
Answers
Answered by
6
Answer:b) Goodwill
Explanation:
Answered by
0
Answer:
The correct answer is option B, i.e. Goodwill.
Explanation:
In accounting, there is Generally Accepted Accounting Principle known as GAAP. This is consonance with Securities Act of 1933 and the Securities Exchange Act of 1934.
Of all the given option, Goodwill is the one not included in the GAAP. The reason behind this is that it is an intangible asset or non-current asset.
Furthermore, due to its intangibility, it cannot have an identifiable resource controlled which can be easily measured and not reliable as well at cost.
Therefore, the correct answer is Goodwill.
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