Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 2

incorrect because this is the definition of an internally generated goodwill.

incorrect because it is the future economic benefits arising from other assets acquired that are not capable of being individually identified and separately recognized.

correct because this is the definition given by the accounting standard.

correct because goodwill can be individually identified and separately recognized.

gives up control over the net assets acquired;

pays the acquisition consideration;

obtains control of the net assets of the other entity;

finances the business combination;