Which of the Following Describes the Concept of Intellectual Property

question 76

Multiple Choice

Which of the following describes the concept of intellectual property?

• A) Exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and dispose of their work as they see fit.
• B) Property, such as computer software, screenplays, musical scores, or chemical formulas for new drugs, that is the product of intellectual activity.
• C) Designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products.
• D) Document giving the inventor of a new product or process exclusive rights to the manufacturer, use, or sales of that invention.
• E) Property that can be digitized and copied

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Definitions:

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead.

Variable Costing

An accounting method that considers only variable costs as product costs and treats fixed costs as period costs.

Direct Costing

An accounting method that identifies variable costs directly associated with production and excludes fixed costs from product costing.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a product.