The 'Intangible Asset' (AS 26) is recognised if: MCQ with Answer and Explanation

Question
The 'Intangible Asset' (AS 26) is recognised if:
A. It is purchased
B. It is internally generated
C. It has physical substance
D. It is probable that future economic benefits will flow and cost can be measured reliably
Answer: Option D
Solution (By JKSSB Mock Tests)
Intangible assets are recognised when they meet the definition and recognition criteria.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Job Work' under GST means:
A. Employment
B. Service contract
C. Processing or treatment on goods belonging to another registered person
D. Consultancy
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Correct Answer: Option C

Explanation:
Job work involves undertaking a process on goods owned by another person.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following errors will NOT be revealed by a Trial Balance?
A. Posting an amount on the wrong side
B. Error of principle
C. Posting a wrong amount on the correct side
D. Error of casting (totalling)
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Correct Answer: Option B

Explanation:
Errors of principle (like treating capital expenditure as revenue) affect debit and credit equally, hence the Trial Balance will still agree.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is NOT a limitation of financial accounting?
A. Provides data for tax assessment
B. Ignores price level changes
C. Subject to estimation and judgment
D. Ignores qualitative aspects
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Correct Answer: Option A

Explanation:
Providing data for tax assessment is a utility of financial accounting, not a limitation. The others are recognized limitations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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