Patents Flashcards by Dawn Ivey | Brainscape

Q

Are changes in accounting estimates, such as changes in useful life, retrospective or prospective?

A

Prospective

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Fun fact

A

The amortization of an intangible asset is the shorter of the useful life or legal life.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Are research and development costs for patents expensed when incurred?

A

Yes

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Can patent registration fees and legal fees be capitalized?

A

Yes

How well did you know this?

1

Not at all

2

3

4

5

Perfectly