Problem 21-11 Multiple choice (IFRS) 1. Which statement in relation to research and development is incorrect? a. Expenditure during the research phase of a project. b. Expenditure during the development phase of a cannot be capitalized as an intangible asset project may sometimes be capitalized as an intangible c. The product being developed should have already d. Development involves the application of research asset been put into commercial production finding. 2. A dot-com entity has recently completed a highly publicized research and development project. Which statement is the most accurate? a. Costs incurred during the research phase can be b. Costs incurred during the development phase can be capitalized. capitalized if criteria such as technical feasibility ot c. Training costs of technicians used in research can d. Design of jigs and tools would qualify as researc the project being established are met. capitalized. activtiies