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In the context of a partnership firm, goodwill is best described as:
  • a)
    Physical assets
  • b)
    Reputation or good name of the firm
  • c)
    Market share
  • d)
    Customer base
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
In the context of a partnership firm, goodwill is best described as:a)...
Goodwill refers to the reputation or good name of a firm, which helps in retaining customers and earning profits above the normal expected returns.
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In the context of a partnership firm, goodwill is best described as:a)Physical assetsb)Reputation or good name of the firmc)Market shared)Customer baseCorrect answer is option 'B'. Can you explain this answer?
Question Description
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