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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What activities are included in R&D? Which are excluded?

To determine

Identify the activities that are included and excluded in research and development.

Explanation

Research and development costs: It refers to the expenditures spent on research, development, improvement or introduction of new products, processes, a new patent or even a copyright, that a company expects to get benefits. It is reported under the intangible asset in the balance sheet.

Identify the activities that are included and excluded in research and development as follows:

Activities included in the research and development:

  • The laboratory research that is aimed to discover the new knowledge.
  • Searching applications for new research and other knowledge findings.
  • Conceptual formulation and design of products.
  • Testing and evaluation of new product or project.
  • Modification of formulation, design or process of a product.
  • Design, construction and testing of preproduction prototypes and models...

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