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Reconstitution Of A Partnership Firm – Admission Of A Partner — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyReconstitution Of A Partnership Firm – Admission Of A Partner1 Mark
MCQ
Goodwill is a _______ asset but not fictitious asset.
  • A
    Tangible
  • ✓
    Intangible
  • C
    Personal
  • D
    Nominal
✓

Answer

Correct option: B.
Intangible
Intangible asset in case of Goodwill is the value added to the firm which is realizable in nature, whereas fictitious assets do not posses any realizable value as they are created due to accounting entry due to the occurrence of deferred revenue expenditure.

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