Q5. According to AS-26 on Intangible Assets.
(A) Internally generated goodwill should not be recogni

Q: What is the correct answer for CUET UG Accounting Q5?

The correct answer is D. Accounting Standard 26- Intangible Assets: (i) Intangible asset should be recognised by fulfilling the criteria as recognised under AS 26. (ii) If an in asset does not satisfy recognition criteria, it should be expensed. (iii) Internally generated goodwill should not be recognised as an asset. (iv) Internally generated brands, mastheads, and publishing titles and other similar in substance should

Q: Q5. According to AS-26 on Intangible Assets. (A) Internally generated goodwill should not be recognised as an asset (B) Self-generated goodwill is accounted for in the books and shown as asset (C)…

The correct answer is D. Accounting Standard 26- Intangible Assets: (i) Intangible asset should be recognised by fulfilling the criteria as recognised under AS 26. (ii) If an in asset does not satisfy recognition criteria, it should be expensed. (iii) Internally generated goodwill should not be recognised as an asset. (iv) Internally generated brands, mastheads, and publishing titles and other similar in substance should

Q: What are the options for this CUET UG Accounting question?

A. (A) and (B) only · B. (C) and (B) only · C. (D) and (E) only · D. (A) and (C) only

Question

Q5. According to AS-26 on Intangible Assets.
(A) Internally generated goodwill should not be recognised as an asset
(B) Self-generated goodwill is accounted for in the books and shown as asset
(C) Intangible assets should be written off as early as possible but not exceedingly its estimated life.
(D) Purchased goodwill is not recognised as asset
(E) Can be written off even beyond 10 years depending upon the nature of asset
Choose the correct answer from the options given below:

FirstInTest · Accepted Answer

Accounting Standard 26- Intangible Assets: (i) Intangible asset should be recognised by fulfilling the criteria as recognised under AS 26. (ii) If an in asset does not satisfy recognition criteria, it should be expensed. (iii) Internally generated goodwill should not be recognised as an asset. (iv) Internally generated brands, mastheads, and publishing titles and other similar in substance should not be recognised as intangible assets. (v) Internally generated assets other than the goodwill, brands, mastheads, and publishing titles may be recognised provided they satisfy recognition criteria as prescribed by AS 26. (vi) Intangible assets should be written off as early as possible but not exceeding its estimated life, which normally should not be beyond 10 years

Answer

(A) and (B) only

Answer

(C) and (B) only

Answer

(D) and (E) only

Answer

(A) and (C) only

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