Which of the Following Is Not Illegal

question 11

Multiple Choice

Which of the following is not illegal?

• A) an office football "pool" with a cash entry fee and cash prize
• B) a raffle with an entry fee to win a car
• C) a "giveaway" to every tenth person who buys meat at a butcher shop
• D) a "giveaway" to every tenth person entering a department store

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Definitions:

Purchase Returns

Goods returned to the supplier from the buyer, often due to defects or other reasons for dissatisfaction.

Beginning Inventory

The value of goods available for sale at the start of an accounting period, carried over from the previous period's closing inventory.

Earned Revenue

Income generated from business activities, recognized when goods are delivered or services are performed, regardless of payment timing.

Realized

Pertaining to gains or losses that have occurred and have been completed through the sale or other disposition of an asset.