Question

What is royalty and what is it account​

Answer 1

Answer:

Copyright royalty is payable by the publisher (lessee) of a book to the author (lessor) of that book or to the photographer, based on the sale made by the publisher. Mining Royalty − Lessee of a mine or quarry pays royalty to lessor of the mine or quarry, which is generally based on the output basis.

Explanation:

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Answer 2

Answer:

In terms of accounting, royalty is what a lessee pays to a lessor for the use of any rights, copyrights, franchises or any such asset.