why goodwill is an intangible asset but not fictitious asset?
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Goodwill is considered as an intangible asset of the firm. It does not have any physical existence. ... On the other hand, fictitious assets are neither tangible nor intangible assets. They are the expenses or losses which are still to be charged (debited) from the profit.
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Goodwill is considered as an intangible (or non-current) asset because it is not a physical asset like buildings or equipment.
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