Which Statement Concerning Patents Is True

question 32

Multiple Choice

Which statement concerning patents is true?

• A) A patent in Australia gives the holder the exclusive right to produce and sell a particular product for a period of 70 years.
• B) Research costs spent on internal patent development cannot be recognised as an asset under IAS 38/AASB 138.
• C) A patent that is purchased from its holder is debited to an asset account and must be amortised over a 20 year period.
• D) A patent that has been capitalised is shown in the balance sheet on one line at its net value.

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Definitions:

Diverse Backgrounds

Refers to the variety of experiences, cultures, and characteristics that individuals bring to a group or organization.

Inherently Motivated

Being internally driven to take action or engage in activities for the inherent satisfaction or fulfilment they bring, rather than for some separable consequence.

Extrinsic Motivation

The drive to perform activities for external rewards or to avoid negative outcomes, rather than for intrinsic satisfaction.

Very Controlling

Describes an approach or behavior characterized by the desire to dictate, dominate, or regulate everything and everyone within one's environment or sphere of influence.