Which of the Following Statements Regarding Online Transactions Is False

question 94

Multiple Choice

Which of the following statements regarding online transactions is false?

• A) Conducting transactions online negates the need to satisfy the normal requirements of a contract.
• B) It is unlikely that the courts will extend the postbox rule to apply to online transactions.
• C) Legislation has been passed in some jurisdictions to make electronic documents equivalent to written ones.
• D) Reasonableness of terms can affect the enforceability of electronic contracts.
• E) Clicking an "I Accept" button may constitute valid acceptance of the terms of an agreement.

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Definitions:

Underapplied Overhead

Refers to the situation where the allocated manufacturing overhead cost is less than the actual overhead cost incurred.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.

Cost of Goods Sold

This measure reflects the total costs involved in manufacturing or purchasing products that a company sells during a period, impacting gross profit and business strategy planning.

Applied Overhead

The amount of factory overhead costs allocated to individual units of production, based on a predetermined rate.