'Intangible Assets' are covered by: MCQ with Answer and Explanation

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'Intangible Assets' are covered by:

A. AS 26

B. AS 2

C. AS 28

D. AS 10

Answer: Option A

Solution (By JKSSB Mock Tests)

AS 26 deals with recognition, measurement, and disclosure of intangible assets.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Loss from House Property' can be carried forward for how many years?

A. 4 years

B. Indefinitely

C. 8 years

D. Not allowed

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Correct Answer: Option C

Explanation:
House property loss can be carried forward for 8 assessment years.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

In the context of the Indian Financial System, the 'Deposit Insurance and Credit Guarantee Corporation' (DICGC) is a wholly owned subsidiary of:

A. Ministry of Finance

B. Securities and Exchange Board of India

C. State Bank of India

D. Reserve Bank of India

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Correct Answer: Option D

Explanation:
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The Trading Account shows a gross profit of Rs 50,000. Indirect expenses are Rs 20,000 and indirect income is Rs 5,000. What is the Net Profit?

A. Rs 75,000

B. Rs 35,000

C. Rs 30,000

D. Rs 25,000

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Correct Answer: Option B

Explanation:
Net Profit = Gross Profit (50,000) + Indirect Income (5,000) - Indirect Expenses (20,000) = Rs 35,000.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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