The name, term, or symbol used to identify a business and its products is calledO a. a copyrightgoodwillO c. a patentO d. a trademark:34:44wM

In a business, we have two type of assets. One is tangible assets and other is intangible assets.…

Answered: The name, term, or symbol used to…

The name, term, or symbol used to identify a business and its products is called О а.асоругight O b. goodwill С. а patent O d. a trademark

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3MC: The legal protection that provides a company exclusive rights to produce and sell a unique product...

See similar textbooks

Related questions

Q: 1. A is defined as a business that does work for a customer and occasionally provides goods, but is…

A: A _____ is defined as a business that does work for a customer and occasionally provide goods, but…

Q: Which of the following statements regarding contracts is incorrect?a. Identifying the contract with…

A: Definition: Earnings: The bottom line of income statement which is the result of excess of earnings…

Q: Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business 2.…

A: Wholesale Merchandise Business:-Wholesale business means when manufacturers do not deal with the…

Q: 18. It's necessary to register a sole proprietorship if A. the owner is operating under his own…

A: Sole Proprietorship: Sole proprietorship is the business run only single person. He will be called…

Q: A company purchases supplies and records these as an asset. As they are used, they are expensed.…

A: The accounting follows the various accounting concepts in the business such as matching concept,…

Q: Determine if this shall result in recognition of liabilities 4. Receipt of goods ordered from a…

A: The goods purchased on account increases the inventory and also increase the liability.

Q: What is the purpose of a statement of profit or loss for an entity? List three typical items that…

A: The statement of profit and loss of an entity is the part of financial statements prepared at the…

Q: Financial report gives information which helps the users to make decisions about. a. Providing…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: a. State how revenue should be recognized for PT. Kamaris PT. Kamaris has sold an electronic…

Q: a) Define a business holding an investment. b) State and explain the 2 criteria to determine whether…

A: Investment: Investment is an item that is purchased or invested in order to accumulate wealth and…

Q: Which one is generally the least liquid? a. Patents b. Buildings c. Inventory d. Equipment…

A: The least liquid assets are those assets that are not easily convertible into cash or liquid asset.…

Q: hich of the following not a current asset. Office Supplies Patent

A: Solution: Current assets are those assets of the company which include cash and all other assets…

Q: Which of the accounting controls ensure that a company's resources are used efficiently and…

A: Controls are the procedures which are designed and monitored by the management to ensure that the…

Q: Use the following information for the next three questions: Entity A, a manufacturing entity,…

A: PFRS 17 standard closely aligns with IFRS 17 which describes the insurance, reinsurance contracts in…

Q: Legal fees incurred by a company in defending its patent rights should be expensed when the outcome…

A: Answer

Q: A copyright is issued when a firm uses identifying words, names or symbols on its product to…

A: Copyright can be defined as the protection of work created by the artist which is original,…

Q: Which statement/s is/are correct? SI ABC, a manufacturer of appliances, approved to insure a…

A: The details which are related to the facts about the insurance and its contract as well. Here…

Q: 2 Which of the following statement is not true? A The format of special journals that a business…

A: Financial accounting process starts with journalizing the transactions. It is also known as…

Q: ABC Corp. sells warehouse equipment and provides temporary warehouse workers to businesses. With its…

A: Introduction:- A liability is defined as future economic advantages sacrificed by an entity to other…

Q: 2. Which Asset account/s appears in the Statement of Financial Position of a merchandising Business…

A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…

Q: Which of the following is the account group that does not have any physical assets and the…

A: Intangible assets represents the assets that does not in existence physically but it provides the…

Q: Part 1 What is a "brand"? Why is it imporțant for companies to establish a brand identity? Part 2…

A: Brand: A brand is an intangible marketing or commercial idea that allows people to recognize a firm,…

Q: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the…

A: PFRS 17 governs insurance contracts. When the insured event occurs, the policy holder (who insures…

Q: Business that are exempt from output VAT but entitle to input VAT are A. Vat Exempt Persons B.…

A: Value Added Tax is a novel form of levying tax on goods and services. It is paid to the credit of…

Q: What principle was violated by this transaction?.

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: ademark is an intangible asset that has value to a business. Assume that you are an accountant with…

A: A trademark is a type of intellectual property that consists of symbols and designs that identify a…

Q: Businesses that are exempt from output and input VAT are

A: VAT is value added tax which is paid at each stage of supply chain. The input tax is paid when there…

Q: Which of the following is a business event that is not considered a recordable transaction? O A…

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: Direction: Write your brief explanation in the space provided for the give.n case below: Mary Rose…

A: A partnership is where two or more persons work together and distribute among themselves all profits…

Q: Revenues may be generated by: Select one: a. having a liability forgiven. b. holding and disposing…

A: Solution: Revenue may be generated by the following: 1. Having a liability foregive, it results…

Q: 11. A licensee representing a seller in a transaction must disclose such agency relationship to the…

A: Tennessee Real Estate Commission is a legal body that is being established with the aim to protect…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: Which of the following concepts states that a business will continue its operations for the…

A: Solution:- The following concepts states that a business will continue its operations for the…

Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: Accountants refer to an economic event as a Select one: a. transaction b. purchase. C. change in…

A: Transaction : Generally, the transaction is defined as the agreement between the seller and the…

Q: The company A ehf. enters into an agreement with the company C ehf. The agreement stipulates that A…

A: Non cash consideration means any transaction which does not involve cash and on which there is no…

Q: ny is artificial legal person. How does it achieve the status of artificial legal personality and…

A: The company can be defined as an organization which is set by the group of people to operate…

Q: A trademark is an intangible asset that has value to a business. Assume that you are an accountant…

A: Patents and trademarks are forms of intellectual property that include the signs and pictures used…

Q: Entity A, a manufacturing entity, obtains insurance against product liability from Entity B, an…

A: SOLUTION- INSURANCE EXPENSE IS THE AMOUNT THAT A COMPANY PAYS TO GET AN INSURANCE CONTRACT AND ANY…

Q: C. Identify the Form of Business Organization being described. TOMI Or bUsIness organızation with…

A: Business Organisation is something in which some commercial activity like sales or goods and…

Question

The name, term, or symbol used to identify a business and its products is called
O a. a copyright
goodwill
O c. a patent
O d. a trademark
:34:44
wM

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Talk about IPR protection How to protect patent, trademark, industrial design and copyright in Malaysia
A copyright is issued when a firm uses identifying words, names or symbols on its product to distinguish its good from those of other firms. True or False
Mcqs 1. Copyrights refers to ……. Asset account?2. An example of asset is …………… please answer both questions
A trademark is an intangible asset that has value to a business. Assume that you are an accountant with the responsibility of valuing the trademark of a well-known company such as Nike or McDonalds. What makes each of these companies unique and adds value? While the value of a trademark may not necessarily be recorded on the companys balance sheet, discuss what factors you think would affect (increase or decrease) the value of the companys trademark? Consider your answer through the perspective of various stakeholders.
Patent Search for Business
3. Examples of elements of a business that commonly make up goodwill are:A. patents and licences.B. trademarks and brand names.C. research and development.D. established reputation and loyal customers.
When an individual invents a product that could potentially have commercial value, it needs to be protected. This activity is important because it looks at different ways people can protect their ideas, also known as intellectual property. The goal of this activity is to for you to differentiate among the different types of intellectual property protections. Select the most appropriate category of protection for each listed intellectual property. 1. Aflac Duck Trademark O Patent O Copyright 2. Razor blade O Trademark O Patent O Copyright 3. Harry Potter books O Trademark O Patent O Copyright.
Pt. Provide seller record entries
EA2. LO 12.1For the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers. a. property tax of an existing manufacturing facility b. research and development of a product c. advertising of a product d. insurance cost of the existing manufacturing facility e. design of a product
Which of the following is a capital asset? Account receivable Copyright created by the taxpayer Copyright (held by the writer) Business inventory A taxpayer's residence
The nature/type of enterprise can change altogether the category into which a particular activity may be classified.” Do you agree? Illustrate your answer with help of examples. [B] State clearly what would constitute the operating activities for each of the following enterprises: I. Hotel II. Steel manufacturing unit III. Software development business unit
Identify the following users as either external users (E) or internal users (I): _______ Business Press. _________ Managers. _________ District Attroney.