Which of the Following Is TRUE of Trends in the Number

question 166

Multiple Choice

Which of the following is TRUE of trends in the number of new U.S. patents?

• A) There was a steady increase in new patents throughout the 1970s.
• B) There was a surge in new patents in the latter part of the 1990s.
• C) The number of new patents granted each year has remained unchanged since the early 1970s.
• D) The number of new patents granted each year declined by more than 50 percent after 2001.

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Definitions:

Liability

Legal obligations related to finances that a business incurs throughout its operational processes.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owner's Equity.

Cash

Money in the form of currency that can include bills, coins, and balances in bank accounts that are readily available for use.

Owner's Capital Account

A financial record that represents the owner's invested capital plus the total earnings minus the withdrawals made by the owner.