Which of the following statements about competitive advantage is true?
A. Competitive advantage is permanent and not transitory; once gained by a firm it stays with the firm.
B. Competitive advantage can be assessed by measuring accounting profit, shareholder value, or economic value.
C. Competitive advantage is an absolute measure; it is not relative.
D. Competitive advantage is a one-dimensional concept.
Answer: B
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The Form 1041 of a calendar year trust is due on ____________________ 15 (not including extensions) of the following year.
Fill in the blank(s) with the appropriate word(s).
Under the MBCA, a director:
A. will have dissented if he or she waits for three months after the meeting to bring up dissent. B. will not have dissented if he or she refuses to vote for the proposed course of action. C. will have dissented if he or she gives a written notice of dissent immediately following the meeting. D. will not have dissented even if he or she makes his or her dissent clear to the other board members by having it appear in the minutes.
Which of the following statements is correct regarding partnerships?
A) Accounting for a partnership is similar to accounting for a sole proprietorship. B) If the partnership assumes a liability related to an asset invested in the partnership, the asset is debited, the partner's capital account is credited and a liability account is credited. C) It is necessary to maintain separate Capital and Withdrawals accounts for each partner. D) All of these choices.
Expired costs are called
A) assets B) expenses C) revenues D) profit