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In this tutorial on accounting for royalties, the speaker explains the concept of royalties, which occur when the owner of legal rights permits another entity to utilize those rights in exchange for payment. This payment is referred to as a royalty. The rights can take three forms: copyright, patent, and trademark. Copyright involves the right to reproduce someone’s work, while a patent grants the right to make, use, or sell an invention. The session aims to clarify the operations associated with royalties before delving into the accounting arrangements necessary for managing these financial transactions effectively.
