IPsecure Is a Patent Law Firm Based in New Jersey

question 82

Multiple Choice

IPsecure is a patent law firm based in New Jersey. The firm provides patent drafting and filing services to its clients. The company is planning to build an electronic database of the patent applications it has filed for its clients over the years. However, most of its clients are innovators who use handwritten notes and figures for their reference. Which of the following software tools would best help the firm convert the large number of paper-based notes from its clients into electronic records that can be easily searched and referenced?

• A) image recognition
• B) optical mark recognition
• C) semantic mapping
• D) intelligent character recognition

---

Definitions:

Periodic Inventory System

An inventory accounting system where inventory levels and cost of goods sold are determined at the end of an accounting period through physical counts.

Merchandise

Goods that are bought and sold in the course of business, typically in a retail or wholesale setting.

Note Payable

A written promissory note in which the borrower agrees to pay back the lender a certain amount of money at a future date or on demand.

Adjusting Entries

Entries made in the general journal at the close of an accounting period to update the ledger accounts for any income or expenses incurred but not yet recorded.