Final Accounts of a Proprietary Concern — Book Keeping & Accountancy STD 11 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyFinal Accounts of a Proprietary Concern2 Marks
Question
Goodwill is not a fictitious asset.
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Answer
This statement is True. Goodwill is the reputation or name and fame of a business organization in the market. It is the money value of a business reputation earned by a business. It is an intangible asset. Fictitious assets are created by accounting entry in the books of accounts it doesn’t have any realizable value. E.g.: Share issue expenses.
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