Need Help with this assignment confused by questions a bit.

Also if you can answer this in the comments I would really appreciate it.

What accounting concept(s) or principle(s) must be applied to correctly solve for determining whether to capitalize cost or expense them as research and development.

In this metacognition assignment, specifically identify how the financial statements would be affected if the costs related to the patents are not accounted for properly. Specifically identify which element of each statement and how that element was affected. Income Statement Which account(s) are affected? Explain how each is affected. What would be the effect on net income? Balance Sheet Which account(s) are affected? Explain how each is affected. When accounting for costs incurred related to internally created intangibles (patents for example), including research and development costs, what must be considered in your analysis