A newly set up dot com entity has engaged you as its

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1.A newly set up dot-com entity has engaged you as itsfinancial advisor. The entity has recently completedone of its highly publicized research and developmentprojects and seeks your advice on the accuracy of thefollowing statements made by one of its stakeholders.Which one is true?a.Costs incurred during the “research phase” can becapitalizedb.Costs incurred during the “development phase”can be capitalized if criteria such as technicalfeasibility of the project being established are metc.Training costs of technicians used in research canbe capitalizedd.Designing of jigs and tools qualify as researchactivities2.When an intangible asset is acquired by an exchangeof assets, which of the following measures will need tobe considered in the determination of that cost? The:3.A brand name that was acquired separately shouldinitially be recognized, according to PAS38 Intangibleassets, at4.Once recognized, intangible assets can be carried at5.According to PAS38 Intangible assets, amortization of anintangible asset witha finite useful life shouldcommence whena.It is first recognized as an assetb.it is probable that it will generate future economicbenefitsc.It is available for used.The costs can be identified with reasonable certainty6.In relation to the amortization of intangible assets, if anintangible asset has a finite useful life:7.In relation to amortization of intangible assets, PAS 38Intangibles, requires that intangible assets withindefinite useful lives:

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