Which of the Following Intellectual Capital Could Be Included in the Statement

question 14

Multiple Choice

Which of the following intellectual capital could be included in the Statement of Financial Position?

• A)Development of software by the company for external use.
• B)Training of programmers employed by a company.
• C)Development of software by the company for internal use.
• D)None of the above.

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Definitions:

Accrued Interest

Interest that has been incurred but not yet paid.

Recourse

The legal right to demand compensation or payment from the party with primary liability in the event of default.

Contingent Liability

A potential financial obligation that may arise in the future based on the outcome of a specific event.

GAAP

Generally Accepted Accounting Principles represent a unified collection of accounting rules, standards, and processes that organizations in the United States are required to adhere to when preparing their financial reports.