Intellectual Property Consists of Which of the Following

question 49

Multiple Choice

Intellectual property consists of which of the following?

• A) Trade secrets
• B) Patents
• C) Trade symbols
• D) All of these are considered intellectual property.

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Definitions:

Amortization Expense

The periodic reduction in the book value of an intangible asset over its useful life.

Functional Currency

The currency of the primary economic environment in which an entity operates, generally used in preparing financial statements.

Capital Assets

Long-term assets acquired for operating purposes, including land, buildings, machinery, and equipment, which are not easily convertible into cash.

Exchange Rates

The equivalent worth of one currency in another during exchange.