Under the Electronic Signatures in Global and National Commerce Act

question 35

Multiple Choice

Under the Electronic Signatures in Global and National Commerce Act (E-Sign) , _____.

• A) there are no specific rules that businesses must follow when seeking consumer consent to electronic contracts
• B) the price and procedures for withdrawing consent must be spelled out to the customer
• C) e-businesses are permitted to impose consent withdrawal fees on consumers in all situations
• D) a digital signature does not have the same effect as one written in ink on paper

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Definitions:

AASB 136

The Australian Accounting Standards Board standard that details the accounting treatment for impairments of assets.

Impairment

The action of or situation where the value of an asset is corrected downwards in the company's books to reflect a loss in value, ensuring the asset's recorded cost does not exceed its recoverable amount.

Issued Capital

The total value of a company's shares that have been issued to shareholders, representing the equity funding provided by shareholders.

Retained Earnings

Represents the cumulative amount of net income that a company has not distributed to its shareholders as dividends but retained for reinvestment in the business.