Development Costs Are Incurred After a System Is Implemented and Continue

question 16

True/False

Development costs are incurred after a system is implemented and continue while the system is in use.

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Definitions:

Board Of Directors

A group of individuals elected by shareholders to oversee the management and make major decisions for a corporation.

Corporate Registrar

A corporate registrar is an entity responsible for maintaining a company’s register of shareowners and managing share issues and transfers.

Mutual Agency

The legal principle that allows each partner in a partnership firm to represent and make decisions for the firm.

Entity Principle

An accounting concept that treats a business as separate from its owners or other businesses for financial reporting.