When Are Sweepstakes and Contests Unethical

question 90

Multiple Choice

When are sweepstakes and contests unethical? 

• A) The prize has no monetary value. 
• B) The prize is a new product. 
• C) Everyone receives a prize of some sort. 
• D) Consumers think their odds of winning are greater than they really are. 
• E) The sweepstakes or contests are used for publicity.

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Understand the role and relevance of different accounting standards, including Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

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Definitions:

Current Assets

Current assets are a balance sheet item that represents the value of all assets that can reasonably be expected to be converted into cash within one year, including cash, marketable securities, accounts receivable, and inventory.

Total Assets

The sum of all assets owned by a business, including cash, investments, property, and equipment, representing the resources it has at its disposal.

Cash

A form of liquid asset that represents immediate purchasing power and can be used for transactions or as a reserve for future payments.

Receivables

Balances owed by customers for the consumption or acquisition of goods and services provided by a company, pending payment.