1
Q
define goodwill
A
advantage that the new owner will receive by joining an existing business as a going concern
2
Q
list the factors that affect the value of goodwill
A
- location of the business premises
- reputation of the business
- commitment of the employees
- number of regular customers
- contacts with reliable suppliers
accounting
flashcards
Decks in class (31)
# Cards
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chapter 33: ratios; interpretation and evaluation of financial statements22
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chapter 31: statement of affairs, credit sales, credit purchases2
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chapter 30: manufacturing businesses; income statement and statement of financial position5
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chapter 29: goodwill2
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chapter 28: income statement, current accounts, statement of financial position4
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CHAPTER 27: CLOSING TRANSFERS, TRADING ACCOUNT, PROFIT AND LOSS ACCOUNT, APPROPRIATION ACCOUNT7
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chapter 26: statement of financial position6
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chapter 25: income statement5
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chapter 24 : post- closing trial balance1
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chapter 23 : trading account , profit and loss account3
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chapter 22: closing transfers4
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chapter 21: post- adjustments trial balance1
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chapter 20: depreciation of non-current assets10
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chapter 19: bad debts, bad debts recovered and provision for doubtful debts3
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chapter 18: accrued income, accrued expenses, prepaid expenses and income received in advance6
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chapter 17: accounting principles4
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chapter 16: debtors and creditors list; control accounts5
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chapter14: errors which affect the trial balance2
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chapter 13: errors which DON'T affect the trial balance1
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chapter 12: the trial balance3
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chapter 11: bank reconciliation4
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chapter 10: statement of account2
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chapter 9: wages journal6
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chapter 8: general journal2
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chapter 7: returns journals5
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chapter 6: debtors and creditors journal5
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chapter 5: petty cash book4
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chapter 4: cash book11
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chapter 3: the ledger3
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chapter 2: accounting equation1
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chapter 1: introduction to accounting11
