ROYALTY is the share of the product, or of the proceeds realized from the product, reserved by an owner for permitting another entity to exploit and use that entity's property, i.e. it is the rental paid to the original owner of property based upon a percentage of sales, profit or production. Royalty can involve literary works, inventions, and other intellectual property, as well as mining leases and conveyances.
RELEVANCE CONCEPT refers to the capacity of accounting information to make a difference to the external decision makers who use financial reports.
OBLIGATION, in business, is a legal duty to pay or do something.
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