GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply
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Wasting assets including material rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources
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Forests, plantations and similar regenerative natural resources
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Expenditure on real estate development and livestock
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None of the above
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Explanation:
Detailed explanation-1: -Accounting standard-10 (Property, plant and equipment-updated) deals with all the fixed assets like goodwill, patent, trademarks, machinery etc. It does not deal with live stock as it is a (inventory) Current asset and not a fixed asset.
Detailed explanation-2: -AS-10 (Accounting for Fixed Assets)-Accounting Standards.
Detailed explanation-3: -The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
There is 1 question to complete.