Which of the Following Statements Holds True for a Trade

question 11

Multiple Choice

Which of the following statements holds true for a trade secret?

• A)It refers to the exclusive right granted for an invention, which must be industrially applicable (useful)and new (novel), and exhibit a sufficient "inventive step" (be nonobvious).
• B)It refers to a situation where the owner of an asset grants the right to use the asset to another, while continuing to retain ownership of the asset.
• C)It refers to a distinctive sign, which identifies certain goods or services as those produced or provided by a specific person or enterprise.
• D)It refers to the body of laws that grants authors, artists, and other creators protection for their literary and artistic creations, which are generally referred to as "works."
• E)It refers to any confidential business information which provides an enterprise with a competitive edge.

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Definitions:

Written Off

The process of recognizing that a portion of a company's assets or receivables has decreased in value and is unlikely to be recovered, thus removing it from the balance sheet.

Account Receivable

A claim against the customer created by selling merchandise or services on credit.

Reinstated

Restoring something to its previous state or position, often used in the context of employment, insurance, or legal status.

Direct Write-off

A method for recognizing bad debts, where uncollectible accounts receivable are directly written off against income at the time they are deemed noncollectible.