Goodwill is a special asset that appears on a statement of financial position only when a business is bought.

Name: Goodwill is a special asset that appears on a statement of financial position only when a business is bought.
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Quizplus · Accepted Answer

Goodwill is an intangible asset that arises when a company acquires another business for a price higher than the fair value of its net identifiable assets at the time of acquisition. It reflects the premium paid over the fair value and is recorded on the acquirer's balance sheet.

Goodwill Is a Special Asset That Appears on a Statement