Question

Organization costs must be expensed as incurred. b. A copyright should be considered an intangible with an indefinite life. c. The registration of a trademark or trade name lasts for 20 years and is nonrenewable. d. A patent should be amortized over the shorter of the inventor's life or its economic life.

Answer 1

Answer:

c. a patent should be amortized over the shorter of the inventor's life or its economic life

Explanation:

Which of the following statements concerning intangibles is true?

a. a copyright should be considered an intangible with an indefinite life

b. organization costs must be expensed as incurred

c. a patent should be amortized over the shorter of the inventor's life or its economic life

d. the registration of a trademark or tradename lasts for 20 years and is non-renewable

Patents are a right granted to an inventor to exclusively sell a product for a specific period of time usually for 20 years. During this period, others are prevented from making, using, or selling the invention. A patent should be amortized over the shorter of the inventor's life or its economic life.

Types of patents include:

1. utility patents

2. design patents

3. plant patent

Copyright gives the inventor of a product and anyone they give the permission to the right to reproduce the product. Copyrights have limited lives