14 Views

Question : Which statements is not true with respect to AS-26? 

Option 1: Purchased goodwill can be shown in the Balance Sheet assets side. 

Option 2: Revalued goodwill can be shown in the Balance Sheet 

Option 3: Both purchased goodwill and revalued can be shown in the Balance Sheet 

Option 4: None of the above 


Team Careers360 11th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: Revalued goodwill can be shown in the Balance Sheet


Solution : Answer = Revalued goodwill can be shown in the Balance Sheet

The statement "Revalued goodwill can be shown in the Balance Sheet" is not true with respect to AS-26. According to AS-26, only purchased goodwill can be shown in the Balance Sheet assets side. Revalued goodwill is not recognized because goodwill is considered to have an indefinite useful life and is not subject to revaluation.
Hence, the correct option is 2.

Related Questions

Chandigarh University Admissi...
Apply
Ranked #1 Among all Private Indian Universities in QS Asia Rankings 2025 | Scholarships worth 210 CR
Amity University, Noida Law A...
Apply
700+ Campus placements at top national and global law firms, corporates, and judiciaries
Amity University, Noida BBA A...
Apply
Ranked amongst top 3% universities globally (QS Rankings)
UPES | BBA Admissions 2025
Apply
#41 in NIRF, NAAC ‘A’ Grade | 100% Placement, up to 30% meritorious scholarships | Last Date to Apply: 28th Feb
MAHE Manipal M.Tech 2025
Apply
NAAC A++ Accredited | Accorded institution of Eminence by Govt. of India | NIRF Rank #4
Sanskriti University LLM Admi...
Apply
Best innovation and research-driven university of Uttar Pradesh
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books