What Four Criteria Must Be Satisfied in Order to Obtain

question 31

Essay

What four criteria must be satisfied in order to obtain a patent on a product,process,invention,or machine?

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Definitions:

Net Income

The residual profits a company holds after deducting expenses, taxes, and costs from the gross income.

Stockholders' Equity

The residual interest in the assets of an entity that remains after deducting its liabilities; also known as shareholders' equity.

Deferral

In accounting, the postponement of recognition of an expense or revenue that has been incurred or earned to a later accounting period.

Interest Payable

This is the amount of interest expense that has been incurred by a company but not yet paid to creditors.