Question on: WAEC Accounting - 2012
The excess of value of assets over the purchase consideration on acquisition of a business is credited to
A
share capital account
B
goodwill account
C
capital reserved account
D
general reverse account
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Correct Option: B
In accounting, goodwill is the value of the business that exceeds itsĀ assetsĀ minus theĀ liabilities.
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