Which of the following is a FALSE statement?
A) Revenues provide inward flows of assets.
B) Revenue is categorized as an asset.
C) Revenue is categorized as part of Retained Earnings.
D) Revenues are generated from the sale of goods and services.
B) Revenue is categorized as an asset.
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A unique selling proposition does not require support or substantiation, because it is so similar to hyperbole
Indicate whether the statement is true or false
Developed countries have the ________ infrastructure in terms of the communications, transportation, and distribution networks needed to conduct business effectively in these markets.
A. political B. economic C. demographic D. legal E. cultural
________ are forms of gifts or grants to businesses.
A. Tax abatements B. Tax credits C. Unpaid labor by friends and family D. All of these.
Arthur was looking for a Father's Day gift for his dad, Tony. Tony was a cigar smoker but Arthur was a nonsmoker. Arthur went to a cigar store and was looking around when the proprietor suggested Arthur try a new imported cigar. The proprietor touted
this new cigar as "just like the great Cuban cigars." Arthur was reluctant but did light one of the cigars, which had a pleasant aromatic smell and took about five to six minutes to be consumed. On this basis, Arthur bought a box of the cigars and presented them to his father as a gift. When the father smoked one of the cigars, it gave off an acrid smell and was completely consumed in less than two minutes. When Arthur saw this, he was very upset and asked his father to try another. The same situation was repeated with the acrid odor and the cigar burning down very quickly like a cigarette. After Arthur tried unsuccessfully to return the cigars for a refund, Arthur filed a small claims court action against the store. The case was based on the failure of the purchased cigars to conform to the sample, breach of the implied warranty of merchantability, and the misleading statement "just like the Cuban cigars." Discuss the probable outcome of the case.