The costs associated with the development of software, for sale or internal use, should be expensed in the period incurred
Indicate whether the statement is true or false
False
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Which of the following is NOT an element identified by the AICPA as being necessary in order to use percentage-of-completion accounting?
a. The construction period can be reasonably estimated. b. The buyer can be expected to satisfy obligations under the contract. c. Dependable estimates can be made of the extent of progress toward completion. d. Dependable estimates can be made of contract costs.
Canarsie Company leased equipment to Fulton Inc on January 1 . 2014 . The lease is for an eight-year period expiring December 31 . 2021 . The first of eight equal annual payments of $900,000 was made on January 1 . 2014 . Canarsie had purchased the equipment on December 29, 2013 . for $4,800,000 . The lease is appropriately accounted for as a sales-type lease by Canarsie. Assume that the present
value at January 1 . 2014, of all rent payments over the lease term discounted at a 1 . percent interest rate was $5,280,000 . What amount of interest revenue should Canarsie record in 2015 (the second year of the lease period) as a result of the lease? a. $490,000 b. $480,000 c. $438,000 d. $391,800
The foreign food test is used to find breaches in the implied warranty of fitness for human consumption
Indicate whether the statement is true or false
A(n) ________ is a position or stance on an issue, the "takeaway" that the person giving you the advice wants you to believe
A) deduction B) induction C) reduction D) conclusion