Financial Statements

Nature/Structure

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common

Which accounting standard is applicable for recognizing Intangible assets?

AS-32

AS-25

AS-26

AS-01

✅ Correct Option: 3

AS-26 (Intangible Assets) is the accounting standard applicable for recognizing intangible assets.

This standard deals with the accounting treatment of intangible assets such as:

Patents
Trademarks
Copyrights
Goodwill
Computer Software
Licenses and Franchises

AS-26 prescribes the criteria for recognition, measurement methods, and disclosure requirements for intangible assets. An intangible asset can be recognized only when it is identifiable, the enterprise has control over it, and it is expected to generate future economic benefits.

The other options cover different areas:

AS-1 deals with Disclosure of Accounting Policies
AS-25 deals with Interim Financial Reporting
AS-32 deals with Financial Instruments: Presentation

2025: 22 May Shift 1

While preparing financial statements on certain basic assumptions such as going concern, money measurement, and realization etc, they are known as:

2022: 16 July Shift 2

Life Membership fees of Rs.25,000 is

2025: 14 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Shareholders fund	(I) Long-term loans and advances
(B) Non-current Liabilities	(II) Reserves and Surplus
(C) Current Liabilities	(III) Long term provisions
(D) Non-Current Assets	(IV) Trade payables

Choose the correct answer from the options given below:

2026: 20 May Shift 1

Arrange the following items related to the Statement of Profit and Loss in a sequence:

(A) Profit before extraordinary items and tax

(B) Profit before tax

(D) Revenue from operations

Choose the correct answer from the options given below:

2023: 20 June Shift 2

The following are the items appearing in Equities and Liabilities side of Balance Sheet

A. Deferred tax Assets (Net)

B. Reserve and Surplus

C. Deferred tax Liabilities (Net)

D. Long term borrowings

E. Long term loans and Advances

Choose the correct answer from the options given below:

2022: 20 July Shift 1

Match List - I with List - II

List - I	List - II
(a) Honorarium	(i) Asset side of balance sheet
(b) Life Membership Fees	(ii) Credited to Income and Expenditure Account
(c) General Donations	(iii) Debited to Income and Expenditure Account
(d) Outstanding subscription	(iv) Credited to Capital Fund

Choose the correct answer from the options given below :

Which accounting standard is applicable for recognizing Intangible assets?

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