Which of the Following Properly Describes the Accounting for a Patent

question 50

Multiple Choice

Which of the following properly describes the accounting for a patent?

• A)Research and development costs associated with a patent are capitalized.
• B)The patent will be amortized over its useful life.
• C)Patent amortization expense is accounted for within the accumulated depreciation account.
• D)A patent's legal life extends to 70 years after the death of the inventor.

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Definitions:

Reserved Word Super

In Java, "super" is a reserved keyword used to refer to the immediate parent class object.

Superclass

In object-oriented programming, a superclass is the class from which other classes inherit properties and methods.

Legal

Pertaining to the system of laws within a particular country, state, or community.

Superclass

A class from which other classes inherit methods and variables; also known as the parent class.