What is Goodwill and under what circumstances is goodwill generally an issue or seen in business practice?

1. What is Goodwill and under what circumstances is goodwill generally an issue or seen in business practice?
2. Under what circumstances is it appropriate to record goodwill in the accounts?
3. a) How should goodwill be properly recorded on the books per GAAP,
b) and how should it be written off in order to conform with generally accepted accounting principles?
Be sure you cite references appropriately (APA)

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