Which Statement Is True of Universal Standards in the Sale

question 76

Multiple Choice

Which statement is true of universal standards in the sale of international products?

• A) The idea of universal standards is being resisted in developing countries.
• B) Firms that adhere to universal standards find the costs to be greater than the benefits.
• C) The international market for industrial goods uses the imperial system as a universal standard.
• D) All governments mandate universal standards.
• E) The lack of universal standards limits the expansion of industries.

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Definitions:

Refund Liability

An obligation recorded by a business to return funds to a customer for returned or unsatisfactory goods or services.

Deferred Revenue

Income received in advance for products or services which is recorded as a liability until it is earned.

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a reversal of revenue previously recognized.

Purchase Discount

A reduction in the purchase price, offered by the seller to the buyer, as an incentive for early payment.