Quiz 10.207 – R&D in Financial Statements
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
How is R&D reported in financial statements?
How is R&D reported in financial statements?
What are the differences between U.S. GAAP and International Financial Reporting Standards (IFRS) in accounting for research and development expenditures?
Differentiate U.S. GAAP and IFRS in accounting for government grants for the purchase of assets.
The face amount of a noninterest-bearing note payable used to acquire an asset compared to the note’s present value is initially recorded as a contra asset. True or false?
The asset received in a nonmonetary exchange is valued at the book value of the asset given, when it is not possible to determine the fair values of the assets involved.
Salaries, materials, and utilities are included in research and development costs except for depreciation on buildings. True or false?
True or false, the cost of research and development performed for others is expensed as incurred.
What are asset retirement obligations?
When a company acquires a tangible long-lived asset and incurs legal obligations associated with its retirement, how should the company account for the obligations?
What item is NOT relevant to accounting for asset retirement obligations?