Question: Research and development costs incurred to internally develop an intangible asset are expensed in the period incurred. Filing and legal costs for developed intangibles are

Research and development costs incurred to internally develop an intangible asset are expensed in the period incurred. Filing and legal costs for developed intangibles are capitalized.

Knowledge Check

01

Research and development costs

Multiple Choice

Generally pertain to activities that occur prior to the start of production.

May be expensed or capitalized, at the option of the reporting entity.

Must be capitalized and amortized.

None of these responses are correct.

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