Accountancy Part AAdmission of a Partner

As per the Accounting Standards, Intangible Asset under _________ is…

As per the Accounting Standards, Intangible Asset under _________ is defined as an identifiable, non monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes.

Answer & explanation

Correct answer: option 4

The correct answer is Option (4) → Accounting Standard - 26

AS 26 (Intangible Assets) is the standard that deals with assets that have no physical form but are identifiable and non-monetary. Goodwill bought for a price is one such asset.

NCERT (2026-27 edition):
Applicability of Accounting Standard 26: Intangible Assets – “… As per the Standard, Intangible Asset under AS 26 is defined as an identifiable, non monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes.”