Illegal activities are more likely to take place in smaller companies than in larger companies

When a contract fails to meet the collectibility criteria the seller should record any advance payment as a/an ________

A) asset B) revenue C) liability D) expense

Restful Inn Motel Corporation wants to terminate its franchise arrangement with Steve's Cabins. Their contract does not provide for notice of termination or set a time for winding up the business. This means that to wind up, Steve's? A) has a reasonable time, with notice

B) has whatever time Restful Inn determines, with or without notice. C) is entitled to notice, but nothing more. D) must close immediately.