IN-PROCESS R&D may be acquired in an acquisition. How is it treated under U.S. GAAP and IFRS?
a. It is capitalized under U.S. GAAP and expensed under IFRS.
b. It is capitalized under both U.S. GAAP and IFRS.
c. It is expensed under both U.S. GAAP and IFRS.
d. It is expensed under U.S. GAAP and capitalized under IFRS.
b. It is capitalized under both U.S. GAAP and IFRS.
[By rule, in-process R&D is capitalized under both U.S. GAAP and IFRS.]
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Adelphia Manufacturing issued $70,000 of direct materials and $10,000 of indirect materials for production. Which of the following journal entries would correctly record the transaction?
A) Raw Materials Inventory 80,000 Finished Goods Inventory 70,000 Work-in-Process Inventory 10,000 B) Work-in-Process Inventory 80,000 Raw Materials Inventory 80,000 C) Work-in-Process Inventory 70,000 Manufacturing Overhead 10,000 Raw Materials Inventory 80,000 D) Manufacturing Overhead 80,000 Raw Materials Inventory 80,000
Suppose a company selling in various country markets makes statements such as "we know what the customer wants, and he or she will have to pay for it." This is an indication of a(n) ________ approach to setting prices
A) ethnocentric B) polycentric C) regiocentric D) geocentric E) adaptation