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good day welcome to another session of fog accountancy tutorials today we are going to treat accounting for royalties royalties accounts or how to account for royalties and were going to start by me trying to explain the concept of royalties and then how operations are done before we zoom into the accounting Arrangements now what is royalty now let me say this that there are times where the owner of a legal rights okay may as a result of business allow another person or entity to use that right in exchange for some money so you have a right you allow someone to use that legal right in exchange for some money the money that you are being paid or the money you also pay for using someones right its called royalty or royalties and so there is there is going to be a royalty payment if you use someones rights now the legal rights could be in three forms it could be a copyright it could be a patent right foreign now a copyright is a right to copy someones work okay and then a patent righ