Asked by
Monica Ramos
on Nov 14, 2024
Verified
The amortization period for a patent cannot exceed
A) 50 years.
B) 40 years.
C) 20 years.
D) 10 years.
Amortization Period
The length of time over which a company gradually writes off the initial cost of an intangible asset.
Patent
A legal document granted by the government giving an inventor the exclusive right to produce, use, and sell an invention for a certain period of years.
- Master the concepts of amortization, depreciation, and depletion connected to intangible assets and tangible long-lived assets.
- Understand the legal aspects and life span of patents and copyrights and their impact on financial statements.
Verified Answer
AR
Learning Objectives
- Master the concepts of amortization, depreciation, and depletion connected to intangible assets and tangible long-lived assets.
- Understand the legal aspects and life span of patents and copyrights and their impact on financial statements.
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