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Accounting

The most effective means for the auditor to determine whether a recorded intangible asset possesses the characteristics of an asset is to

a. Vouch the purchase by reference to underlying documentation.

b. Inquire as to the status of patent applications.

c. Evaluate the future revenue-producing capacity of the intangible asset.

d. Analyze research and development expenditures to determine that only those expenditures possessing future economic benefit have been capitalized.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9439791

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