Answer:
c. The excess of the fair value of a business over the fair value of all net identifiable assets.
Explanation:
Goodwill is an intangible asset that cannot be seen or even touched. It is shown under the intangible assets section like other intellectual property rights like - copyright, patent, trademarks, etc. It is the amount which reflect the buying price of the other business
It is computed below:
= Acquired fair value of the business - net assets fair value
where,
Net assets = Fair value of assets - fair value of liabilities
Answer:
Production and consumption are at the same time.
Explanation:
A basic difference between a good and a service is that the consumption and production of a service take place at the same time. While good can be produced at some point in time and consumed later. Unlike goods, services cannot be stored in inventory.
That is why unlike a good, consumers can be more involved in the production of a service. This provides greater satisfaction to the consumers.
Difference between beginning and ending CoG: 20,000-10,000 = 10,000
Difference + sold:
10,000 + 40,000 = 50,000
Answer: $50,000
The main function of a service business is the delivery of value to the customer.
- A service business is made up of experts who help in the delivery of a particular work. Examples of service businesses include food service, transportation, retail, distribution etc.
- It should be noted that every business wants to make a profit. Profit is important in order to grow the business. Despite the profit making motive of businesses, some businesses are more concerned with how to retain their customers.
In conclusion, it should be noted that the retaining of customers are vital in brand loyalty and the growth of the business.
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Answer:
A dollar tomorrow is worth less than a dollar today, because if you invest the dollar you have today, you'll have more than a dollar tomorrow.