Questions:
DQ-1) We introduced intangible assets last week, and this week we will study them in more detail. Please define and describe in details the term intangible asset. What major characteristics differentiate intangible assets from other assets? How is the useful life determined for intangibles?
DQ-2) This topic will cover Research & Development (R&D) costs and how they are accounted for according to GAAP. Please define R&D costs and explain how these are presented in the financial statements of a company.