GENERAL KNOWLEDGE

GK

ACCOUNTING

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)?

A	Goodwill and patents
B	Trademarks and designs
C	Land, building, plant and machinery, vehicles, furniture and fittings
D	All of the above

Explanation:

Detailed explanation-1: -Accounting standard-10 (Property, plat and equipment-updated) deals with all the fixed assets like goodwill, patent, trademarks, machinery, land etc.

Detailed explanation-2: -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.

Detailed explanation-3: -AS-10 (Accounting for Fixed Assets)-Accounting Standards.

Detailed explanation-4: -The cost of fixed asset includes: The cost of fixed asset is deducted with:-either at, fair market value.-or at, the net book value of the assets given up. Accounting treatment of revaluation under different situation: Only purchased goodwill should be recorded in books. Disclosure:

There is 1 question to complete.