GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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AS-2
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AS-6
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AS-14
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AS-26
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Detailed explanation-1: -Intangible Assets 431. RECOGNITION OF AN EXPENSE. Accounting Standard (AS) 26. Intangible Assets. Objective. Scope. 1 A financial asset is any asset that is : Intangible Assets 433. 2 Termination benefits are employee benefits payable as a result of either: 434 AS 26. More items
Detailed explanation-2: -As per 26 only purchase goodwill will be recorded in book of accounts When goodwill is purchase by the firm in a consideration in cash or kinds of cash it shown in the balance sheet.
Detailed explanation-3: -The Institute of Chartered Accountants of India has recently issued Accounting Standard (AS) 26, Intangible Assets, which will come into effect in respect of expenditure incurred on intangible items during accounting periods commencing on or after 1.4.