Question

why is goodwill considered as an intangible asset but not a fictitious asset?

Answer 1

goodwill is considered as a intangible asset not a fictitious..it is just because of that goodwill attracts the customer.

Answer 2

Goodwill is an intangible asset because it cannot be touched or felt. On the other hand, fictitious assets are expenses or losses that have yet to be charged to the profit. As a result, it is impossible to classify it as tangible or intangible. Goodwill, on the other hand, is not an expense and takes time to develop.