Which Statement Concerning Patents Is True

Multiple Choice

Which statement concerning patents is true?

A) A patent in Australia gives the holder the exclusive right to produce and sell a particular product for a period of 70 years.
B) Research costs spent on internal patent development cannot be recognised as an asset under IAS 38/AASB 138.
C) A patent that is purchased from its holder is debited to an asset account and must be amortised over a 20 year period.
D) A patent that has been capitalised is shown in the balance sheet on one line at its net value.