Which Statement Is Correct

question 33

Multiple Choice

Which statement is correct?

• A)Research is original or planned investigation to gather new knowledge or understanding.
• B)Under IFRS all research costs can be either capitalized or expensed.
• C)Research activities must be technically feasible as well as commercially viable.
• D)Research is application of findings or knowledge towards new plans, designs or products.

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Definitions:

Unadjusted Trial Balance

A list of all the balances in a company’s accounts before any adjusting entries are made for reporting purposes.

Management Report

A document that provides managers with information necessary to make decisions, including financial and operational data.

Accounting Period

A specific time span for which financial statements are prepared, commonly a quarter or a year.

Dividends Account

An account used in bookkeeping to track dividends declared by a company to be paid out to its shareholders.