Imagine that you are the senior accountant at your organizat

Imagine that you are the senior accountant at your organization, and management is unsure of what the generally accepted accounting principles are for recognizing research and development cost.Explain to management what qualifies as research and development cost, and infer the major impact that research and development cost has on the financial statements.Recommend to management whether the company should conduct its own research and development or hire a research and development firm. Justify your rationale.