Most of the candidates who attempted the question were confused. The general
performance of candidates in this question was poor.
The following explanations were expected.
(a) Goodwill: This deals with the value of business connections and reputation
acquired over the years. It is an intangible asset of the business
built over years.
(b) Patents: This is the exclusive right of an inventor of a product over his
invention in order to prevent others from copying the invention
once it is duly registered.
(c) Trade mark: This is a distinctive name or symbol given to a product which is
duly registered to prevent another company from using it.
