are patents an expense?
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter12: Auditing Long-lived Assets And Merger And Acquisition Activity
Section: Chapter Questions
Problem 2CYBK
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are patents an expense?
Expert Solution
Step 1
Patents:
Patent is an intellectual property that is provided to the owner to have legally right for excluding other parties from buying, selling and importing the invention for limited time period. Patents are of three types they are design patents, plant patents and utility patents. Moreover, most of the patents has a time period of 20 years in US.
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