are patents an expense?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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are patents an expense?
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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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