In Licensing, the Licensor Issues a License to a Foreign

question 103

True/False

In licensing, the licensor issues a license to a foreign company to use an item of value for a fee or royalty.

---

Definitions:

Beginning Work in Process

The inventory of production that has started but is not completed at the beginning of an accounting period.

Raw Materials

Basic materials and substances used in the initial stages of production or manufacturing.

Manufacturing Activities

Processes and operations involved in converting raw materials into finished goods, including assembly, fabrication, and machining.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been purchased or distributed to customers.