Which Statement Concerning Patents Is True

question 32

Multiple Choice

Which statement concerning patents is true?

• A) A patent in Australia gives the holder the exclusive right to produce and sell a particular product for a period of 70 years.
• B) Research costs spent on internal patent development cannot be recognised as an asset under IAS 38/AASB 138.
• C) A patent that is purchased from its holder is debited to an asset account and must be amortised over a 20 year period.
• D) A patent that has been capitalised is shown in the balance sheet on one line at its net value.

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Definitions:

Belonging

An emotional need to be part of a group, feeling connected and accepted by others.

Maslow's Need Hierarchy

A theory in psychology that prioritizes human needs in a pyramid structure, from basic physiological needs to self-actualization at the top.

Lower Needs

Basic physiological and safety needs in Maslow's hierarchy, such as food, water, shelter, and security.

Higher Needs

Needs that appear at the top of Maslow's hierarchy, such as self-actualization and esteem, referring to personal growth and realization of one's potential.