Explain the accounting treatment of equipment acquired for use in R&D projects.
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Explain the accounting treatment of equipment acquired for use in R&D projects.
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- A ___________________________is a detailed plan for acquiring and using financial and other resources over a specifiedtime period.The critical issues in accounting for tangible assets are recognising cost incurred as an expense or an asset and the measurement of initial costs and subsequent expenditure. MFRS 116 Property, Plant and Equipment provide guidance on these critical issues. Please give explanation in details and exampleWhich of the following groups would be classified as intangible assets for financial accounting andreporting purposes? a. long-term notes receivable, copyrights, goodwill, and trademarksb. patents, computer software costs, franchises, and trademarksc. computer software costs, research and development costs for internally developed patents,patents, and goodwilld. organization costs, goodwill, costs of employee training programs, and trademarks
- Discuss the accounting treatment of repairs and maintenance, additions,improvements, and rearrangements to property, plant, and equipment andintangible assets.Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes? Computer software costs, development costs for internally developed patents, research, and goodwill Long-term notes receivable, copyrights, goodwill, and trademarks Start-up costs, goodwill, costs of employee training programs, and trademarks Patents, software development costs, franchises, copyrights, and trademarksDescribe the accounting treatment for the disposal of property, plant, and equipment.
- Explain the situation that a company (in the extractive industry) expenses all exploration and evaluation expenditure as incurred. Would the related financial reports provide ‘relevant’ information?Describe the accounting treatment for intangible assets such as patents, copyrights, and trademarks. Discuss the challenges in measuring and reporting the value of intangible assets and their impact on financial statements.Describe Self-Constructed Assets and explain Research and Development
