Is goodwill a fixed asset or ficti tious asset?

Answer 1

Goodwill in an intangible asset. It can be purchased or internally-generated.

Purchased goodwill can occur when a businesses purchases a company's assets for more than their fair value.

Internally-generated goodwill can arise for a few reasons, such as the fact that a company develops a reputation in the industry and in the market. Such a factor is an asset to the company, but is not tangible. I believe accounting principles are fairly restrictive on this type of goodwill.