Which of the Following Best Describes Intellectual Property

question 34

Multiple Choice

Which of the following best describes intellectual property?

• A)intangible property created by individuals or corporations
• B)unique creative work or ideas
• C)tangible or intangible property created from a unique idea
• D)the expression of an intangible idea
• E)any tangible or intangible property within the creative arts

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Definitions:

Straight-Line

A technique for computing depreciation that uniformly distributes an asset's cost across its lifespan.

Units-Of-Production

A depreciation method that allocates an asset's cost based on its usage or production levels.

GAAP Methods

GAAP methods refer to accounting principles and guidelines set by the Financial Accounting Standards Board in the United States for preparing financial statements.

MACRS

Stands for Modified Accelerated Cost Recovery System, which is a method of depreciation used in the United States for tax purposes, allowing for quicker cost recovery of property and equipment.