Goodwill that was internally developed should be amortized over a life not to exceed
A)100 years
B)40 years
C)20 years
D)10 years
E)No useful life, as such goodwill is not recorded as an asset

Question

Quizplus · Accepted Answer

Internally developed goodwill is not recognized as an asset on the balance sheet because it cannot be separated from the business itself and reliably measured. Therefore, it is not amortized.

Goodwill That Was Internally Developed Should Be Amortized Over a Life