discuss the two primary concepts of accounting in the context of sisters coffee empo 613796

The Sisters Coffee Emporium has been researching and developing new exotic coffee flavors and innovative coffee equipment. During 1998, it spent over $250,000 on R&D costs. It is now year-end and the company is preparing its balance sheet. Sisters would like the most relevant information to be reported to investors because the company is considering whether or not to capitalize the R&D costs.

a. Advise Sisters on the concepts of relevance and reliability and how the R&D expenditures should be handled.

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b. Discuss the two primary concepts of accounting in the context of Sisters Coffee Emporium.

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