Answer:
c. a patent should be amortized over the shorter of the inventor's life or its economic life
Step-by-step 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