A Trade Secret Is Information, Generally Unknown to the Public

question 27

True/False

A trade secret is information, generally unknown to the public, that a company has taken strong measures to keep confidential.

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Definitions:

Additions

Increases or improvements to an asset that extend its useful life or enhance its productivity.

Plant Asset

Assets that are tangible, long-lived, and used in the production or sale of goods and services, such as buildings and machinery.

Computer Specifications

Detailed information about the hardware and software components of a computer system, including processor speed, memory size, and storage capacity.

Capitalized

Recording an expenditure as an asset on the balance sheet, rather than an expense on the income statement, to spread its cost over its useful life.