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How can I capitalize my patents? My company has applying for a patent and I want to capitalize the research and development expenditures. I know it will cost some legal charges and the successful defense of a patent can be turned capitalized, but can the actual costs of the patent be? If yes or no, please provide the FASB ruling if you have it or reference.
Q. What is invoice? An invoice is a document prepared by the seller of merchandise as well as sent to the buyer. The invoice contains the details of a sale such like the number
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Implication of applying accounting concept wrongly
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
Q. Define an accounting system? Effects from a recent survey of 1400 chief financial officers (CFOs) indicate that tomorrow's accounting professionals will be called upon to br
Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr
Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or
Internally development of patents are very difficult to capitalize as the patent must have certain define criteria to be met. Specifically, it must be likely that the expected future assistances that are attributed to the asset will be available to the entity and the cost or value of the asset can be calculated reliably. The legal and filing costs are associated with defending a patent are capitalized so the research and developmental costs for the product or process are treated as an incrureed expense.This is referenced in FASB No. 142.
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