Asked by Bridget Stokes on May 10, 2024
Verified
Patents, copyrights, and franchises are intangible assets with the same number of years of useful life.
Copyrights
Legal rights given to creators for the protection of their original works, limiting the use of these works by others without permission.
Franchises
A type of license that grants a franchisee access to a franchisor’s proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor's business model.
Patents
Intellectual property rights granted to an inventor, giving the holder exclusive rights to the invention for a certain period.
- Differentiate between various intangible assets and their useful lives.
Verified Answer
EG
Eliza GraceMay 13, 2024
Final Answer :
False
Explanation :
Patents, copyrights, and franchises have different useful lives. Patents typically last for 20 years from the filing date, copyrights last for the life of the author plus 70 years (in most jurisdictions), and the useful life of franchises varies depending on the agreement.
Learning Objectives
- Differentiate between various intangible assets and their useful lives.