Which of the following statements concerning patents is not true?
A. Traditionally, utility patents were thought to be useless because it is easy to design around a patent.
B. A patent gives the owner a negative right, preventing anyone from making, using, or selling the defined invention.
C. A utility patent has a term of 20 years.
D. Plant patents are issues under the same provisions as utility patents.
Answer: A
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The intent of the Sarbanes-Oxley Act of 2002 is to:
a. protect investors by improving the accuracy and reliability of corporate disclosures b. establish who is responsible for financial reporting c. strengthen internal control d. All of the above
An annuity is a series of equal payments occurring at equal intervals.
Answer the following statement true (T) or false (F)
Which of the following is/are true regarding the T-account?
a. Actual practice does not use this form of the account, except perhaps for memoranda or preliminary analyses b. looks like the letter T, with a horizontal line bisected by a vertical line. c. satisfies the requirement of an account and is easy to use. d. all of the above e. none of the above
The journal entry a company uses to record the payment of an ordinary note is
A) debit Cash; credit Notes Payable B) debit Accounts Payable; credit Cash C) debit Notes Payable and Interest Expense; credit Cash D) debit Notes Payable and Interest Receivable; credit Cash