UPSC Exam  >  UPSC Questions  >  Assertion (A): Goodwill is considered as an i... Start Learning for Free
Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.
a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation
of Assertion c) Assertion (A) is false, but Reason (R) is true
d) Assertion (A) is true, but Reason (R) is false?
Most Upvoted Answer
Assertion (A): Goodwill is considered as an intangible asset but not a...
Assertion and Reasoning on Goodwill as an Intangible Asset:
Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset.
Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.

Explanation:

Assertion (A) is true: Goodwill is indeed considered an intangible asset because it represents the value of a company's brand, reputation, customer base, and other non-physical attributes that contribute to its overall worth.

Reason (R) is true: Goodwill cannot be seen or touched as it is non-physical in nature. It is also not separable from the business entity, meaning it cannot be bought or sold separately from the business as it is based on the overall performance and reputation of the company.

Conclusion: Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion. Goodwill being an intangible asset and not a fictitious asset is based on its accounting treatment and significance in representing the value of a business entity.
Explore Courses for UPSC exam

Top Courses for UPSC

Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false?
Question Description
Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false?.
Solutions for Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? defined & explained in the simplest way possible. Besides giving the explanation of Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false?, a detailed solution for Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? has been provided alongside types of Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? theory, EduRev gives you an ample number of questions to practice Assertion (A): Goodwill is considered as an intangible asset but not a fictitious asset. Reason (R): Goodwill can neither be seen and touched nor it can be purchased or sold with any other asset.a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation ofAssertion b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanationof Assertion c) Assertion (A) is false, but Reason (R) is trued) Assertion (A) is true, but Reason (R) is false? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev