Research and Development Costs Are Recorded as an Intangible Asset

question 66

True/False

Research and development costs are recorded as an intangible asset if it is felt they will provide economic benefits in future years.

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Definitions:

Arbitration

A method of dispute resolution where a neutral third party (the arbitrator) makes a binding decision, outside of a courtroom.

Compulsory

Required by law or a rule; obligatory, leaving no option for non-compliance.

Lifetime Appointments

Positions, often in the judicial branch, where the appointee serves for the remainder of their life, unless they resign, retire, or are removed through impeachment.

U.S. Courts of Appeals

Intermediate federal appellate courts that review decisions of federal district courts, regulatory commissions, and other federal courts.