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GOODWILLThis is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”.Goodwill in practical sense is the advantage that an existing business may have over a newly established business. This advantage may be in the form of profits or revenue that the business generates and customer loyalty. Goodwill may arise due to several factors including:
In practice, it is normally agreed that many established businesses have created goodwill but unfortunately it is difficult to determine the actual value of goodwill. Therefore, unless goodwill arises from the acquisition of another company, it is normally excluded from the accounts. For the purpose of accounting for partnerships, goodwill is important in the following three main areas.
Accounting for Partnerships The owners’ interests in the business are divided into long term and short-term interests. (Long-term interests refer to original capital commitment
effects of technology in banking sector
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
Many hospitals are classified as not-for-profit (NFP). The presentation of for-profit (FP) financial statements differs in several respects from NFP accounting. You will probably w
Company X is presumably doing well. The corporation's balance sheet last September 31 can be summarized as follows: Total Assets
Puts - A put is an option to sell a number of shares of stock at a stated price within a definite period. Gain or loss on a put is short or long term depending on holding period of
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
McM Cog is a supplier of industrial parts. Most orders are received at a call center. The call center currently has 10 phone lines total, i.e., a maximum of 10 callers may be in t
Antitrust Laws - Assignment Help One of the foundations of business within the United States is the freedom to compete in the marketplace; however, certain laws have been creat
what is ex interest accounting,uses,types
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