In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.
Definitions:
Patents
Legal documents granting exclusive rights to inventors for their inventions, protecting them from unauthorized manufacturing or selling.
Copyrights
Legal rights granted to the creators of original works, protecting them against unauthorized use or reproduction.
Income Statement
A financial statement that shows a company's revenues and expenses over a specified period, ultimately revealing the company's net profit or loss.
Total Revenue
The full amount of income generated by the sale of goods or services before any costs or expenses are deducted.
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