Which of the following is true of goodwill? it may be recorded as an asset only when there is an exchange transaction involving the purchase of an entire business. it may be recorded as an asset even if internally generated, but only if the business has been in operation for ten years or more. It may be amortized even if it has an indefinite life. it should be classified as property, plant, and equipment Very often, failure to record a liability means failure to record a(n) expense. gain. extraordinary item. revenue