Asked by Allison Bottorff on Apr 28, 2024
Verified
Patents
A) Assets
B) Liabilities
C) Owner's Equity
D) Revenue
E) Expenses
Patents
Exclusive rights to produce and sell goods with one or more unique features.
Account Group
A classification system used in accounting to organize and categorize financial transactions and balances.
Assets
Assets are resources owned or controlled by a business or individual that have economic value and can provide future benefits, including cash, property, and equipment.
- Distinguish between different account groups and their normal balance sides.
Verified Answer
TP
Tafnes PiñonesMay 01, 2024
Final Answer :
A
Explanation :
Patents represent an asset for the company, as they have future economic benefits and can be used to generate revenue.
Learning Objectives
- Distinguish between different account groups and their normal balance sides.