Question

Which Accounting standard states that Goodwill, in general, is recorded in the books only when some consideration in money or money's worth has been paid for it?

विकल्प

• AS-10

• AS-9

• AS-13

• AS-11

Answer 1

AS-9

Explanation:

Goodwill is generally recorded in the books only after some consideration in money or money's worth has been paid for it, according to Accounting Standard 10 (AS-10) on "Accounting for Fixed Assets." When a company is purchased for a price that is greater than the value of its net assets, the difference is known as goodwill. Business ties, commerce, an enterprise's name or reputation, or other intangible benefits experienced by an enterprise all contribute to goodwill.