intellectual property

intellectual property
An intangible asset, such as a copyright, patent, trademark, or design right. Intellectual property is an asset, and as such it can be bought, sold, licensed, or exchanged. Further, the intellectual property owner has the right to prevent the unauthorized use or sale of the property.
Examples of intellectual properties include inventions, literary and artistic works, names, images, designs used in commerce, and computer programs.
See also: royalty

Accounting dictionary. 2014.

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