{"id":32742,"date":"2024-04-15T09:06:10","date_gmt":"2024-04-15T09:06:10","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32742"},"modified":"2024-04-15T09:06:10","modified_gmt":"2024-04-15T09:06:10","slug":"accounting-for-intangible-assets-is-related-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/accounting-for-intangible-assets-is-related-to\/","title":{"rendered":"Accounting for intangible assets is related to"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a992543de172\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    AS-10                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    AS-12                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    AS-24                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    As-26                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: C. AS-24.<\/p>\n<p>AS-24 is the Accounting Standard on Intangible Assets. It was issued by the Institute of Chartered Accountants of India (ICAI) in 2004. The standard provides guidance on the accounting for intangible assets, including their recognition, measurement, and disclosure.<\/p>\n<p>Intangible assets are non-monetary assets that lack physical substance. They are identifiable and have the potential to generate future economic benefits. Examples of intangible assets include goodwill, patents, trademarks, and copyrights.<\/p>\n<p>AS-24 requires that intangible assets be recognized when they meet the following criteria:<\/p>\n<ul>\n<li>The asset is identifiable.<\/li>\n<li>The asset is controlled by the entity as a <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> result of past events.<\/li>\n<li>It is probable that future economic benefits associated with the asset will flow to the entity.<\/li>\n<li>The cost of the asset can be reliably measured.<\/li>\n<\/ul>\n<p>Intangible assets are measured at cost, less any accumulated amortization and impairment losses. Cost includes the purchase price of the asset, as well as any directly attributable costs of bringing the asset to its working condition for its intended use.<\/p>\n<p>Intangible assets are amortized over their useful lives. The useful life of an intangible asset is the period over which it is expected to generate economic benefits. The useful life of an intangible asset <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> is determined based on factors such as the expected use of the asset, the expected technological obsolescence of the asset, and the expected legal and regulatory environment in which the asset will be used.<\/p>\n<p>Intangible assets are subject to impairment testing at least annually. Impairment testing is the process of determining whether the carrying amount of an intangible asset is recoverable. If the carrying amount of an intangible asset is not recoverable, the asset is written down to its recoverable amount.<\/p>\n<p>AS-24 also provides guidance on the disclosure of intangible assets. The disclosures required by AS-24 include the nature and carrying amount of intangible assets, the useful lives of intangible assets, and the amortization methods used for intangible assets.<\/p>\n<p>The other options are incorrect because they are not accounting standards issued by the ICAI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[698],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Accounting for intangible assets is related to<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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