Which of the Following Properly Describes the Accounting for a Patent

question 50

Multiple Choice

Which of the following properly describes the accounting for a patent?

• A)Research and development costs associated with a patent are capitalized.
• B)The patent will be amortized over its useful life.
• C)Patent amortization expense is accounted for within the accumulated depreciation account.
• D)A patent's legal life extends to 70 years after the death of the inventor.