Question on: SS2 Accounting - Partnership Account: Terminologies Used
What is goodwill in a partnership account?
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A
The value of the partnership's reputation and customer base
B
The amount of money paid by the partnership to each partner for the use of their invested capital
C
The portion of profits that is set aside for future business needs or as a contingency fund
D
The legal document that outlines the terms and conditions of the partnership
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Correct Option: A
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