Financial Statements

Nature/Structure

Easy

Intangible assets should be recognised by fulfilling the criteria as recognised under :

AS - 3

AS - 26

AS - 6

AS - 2

✅ Correct Option: 2

AS-26 deals with Intangible Assets, prescribing recognition criteria, measurement and disclosure. AS-3 is for Cash Flow Statement, AS-6 dealt with depreciation (now superseded), and AS-2 is for Valuation of Inventories.

2025: 26 May Shift 2

An annual report is issued by a company to its --------------.

2025: 15 May Shift 2

Match List-I with List-II

Match the statements with their respective Provisions/ other name

List-I	List-II
(A) AS-3	(I) Statement of profit & loss
(B) Schedule 3 of Companies Act	(II) Cash flow statement
(C) Financial status of the undertaking	(III) Final accounts of company
(D) Performance report	(IV) Balance sheet

Choose the correct answer from the options given below:

2025: 30 May Shift 1

The items in the "statement of profit and loss", for the Revenue from operations DON'T include: If it is a non-finance company

2023: 29 May Shift 2

Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.

2022: 23 Aug Shift 2

Which among the following items appear in the Receipt and Payment Account ?

(A) Life membership fees

(B) Depreciation of fixed assets

(D) Profit/loss on sale of fixed assets

Choose the correct answer from the options given below :

2025: 15 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Accounting standard rules	(I) 2013
(B) Companies Act	(II) 1932
(C) Financial statement of company	(III) 2006
(D) Partnership Act	(IV) Schedule III

Choose the correct answer from the options given below:

Intangible assets should be recognised by fulfilling the criteria as recognised under :

Solution

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