Current Liabilities Require a Transfer of Assets or Performance of Services

question 9

Short Answer

Current liabilities require a transfer of assets or performance of services within the longer of ____________________ or one operating cycle.

---

Definitions:

UETA

The Uniform Electronic Transactions Act, which provides legal recognition to electronic signatures and records as equivalent to written documents and signatures in commercial transactions.

E-commerce

The buying and selling of goods and services over the internet.

Traditional Commerce

Commerce transactions that take place in physical locations, such as stores or offices, rather than online.

Authorized Mode

Pertains to a legally or officially approved method or procedure.