Under US GAAP and IFRS, research and development costs are:
I. Research costs are expensed as incurred
II. Development costs are expensed as incurred
III. Research costs are capitalized and amortized over time
IV. Development costs are capitalized and amortized over time.
A) GAAP I and II; IFRS II and III
B) GAAP I and IV; IFRS III and IV
C) GAAP I and II; IFRS I and IV
D) GAAP II and III; IFRS II and III
Correct Answer:
Verified
Q1: U.S. GAAP's overriding principles of accounting are
Q2: Contingent liabilities are _ under GAAP, and
Q4: For inventory costing purposes, GAAP and IFRS
Q5: The government agency that approves U.S. GAAP
Q6: Management and staff attitudes toward internal control
Q7: For accounting information to be useful it
Q8: The International Accounting Standards Board was formed
Q9: An organization's employees are responsible for the
Q10: Currently, most European countries are using International
Q11: IFRS are developed by the:
A)European Union.
B)Financial Accounting
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