Statement 1: Acquired in process R&D project separately or in business combination can be recognized as an asset at cost, even if a component is research. Statement 2: Subsequent R&D project expenditure on that project is also capitalized. Group of answer choices Statements 1 and 2 are true. Statement 1 is false while Statement 2 is true. Statements 1 and 2 are false. Statement 1 is true while Statement 2 is false.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Statement 1: Acquired in process R&D project separately or in business combination can be recognized as an asset at cost, even if a component is research.
Statement 2: Subsequent R&D project expenditure on that project is also capitalized.
Group of answer choices
Statements 1 and 2 are true.
Statement 1 is false while Statement 2 is true.
Statements 1 and 2 are false.
Statement 1 is true while Statement 2 is false.
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