Question

Click to watch the Tell Me More Learning Objective 5 video and then answer the questions below. 1. The entry to record the amortization of a patent would include a debit to __________ and a credit to __________. Amortization Expense; Patents Amortization Expense; Accumulated Amortization Patents; Accumulated Amortization Patents Expense; Accumulated Amortization 2. The exclusive right to publish and sell a literary, artistic, or musical composition is granted by a patent. trademark. copyright. franchise.

Answer 1

1. Amortization Expense; Patents.

2. Copyright.

Step-by-step explanation:

Patent can be defined as the exclusive or sole right granted to an inventor by a sovereign authority such as a government, which enables him or her to manufacture, use, or sell an invention for a specific period of time.

Generally, patents are used on innovation for products that are manufactured through the application of various technologies.

Basically, the three (3) main ways to protect an intellectual property is to employ the use of

I. Trademarks.

II. Patents.

III. Copyright.

Copyright law can be defined as a set of formal rules granted by a government to protect an intellectual property by giving the owner an exclusive right to use while preventing any unauthorized access, use or duplication by others.

Filling the missing words or texts in the question, we have;

1. The entry to record the amortization of a patent would include a debit to amortization expense and a credit to patents. Amortization in financial accounting is used to periodically lower the book value of a loan principal or an intangible asset such as intellectual property over a set period of time.

2. Copyright: the exclusive right to publish and sell a literary, artistic, or musical composition is granted by a patent.