Which of the Following Statements Is True of a Patent

question 39

Multiple Choice

Which of the following statements is true of a patent?

• A) The laws governing patent protection are universal and do not differ from country to country.
• B) A patent granted in one country provides protection in all other countries as well.
• C) In the United States, an inventor can publish an invention up to a year before applying for the patent.
• D) Discovery of scientific principles that pertain to natural laws can be patented.

---

Definitions:

Time Period Assumption

An accounting principle that assumes a business's complex financial activities can be divided into shorter, discrete time periods, such as months, quarters, or years.

Specific Time Periods

Specific time periods refer to distinct, defined durations used for financial reporting, planning, and analysis, such as quarters or fiscal years.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.

Recorded When Incurred

An accounting principle that stipulates expenses should be recognized in the financial statements in the period they are incurred, regardless of when the cash payments are made.