Which of the Following Are Management Assertions About the Accounts

question 27

Multiple Choice

Which of the following are management assertions about the accounts in long-term debt and owner's equity process?

• A)existence or occurrence - for classes of transactions
• B)completeness - for both classes of transactions and account balances
• C)valuation and allocation - for both classes of transactions and account balances
• D)rights and obligations - for classes of transactions
• E)accuracy - for classes of transactions
• F)both A and c
• G)both B and E
• H)both D and E

Understand the legal implications and applicability of e-signatures and electronic contracts under laws like the E-SIGN Act and UETA.

Recognize the importance of trademarks, trade names, and copyrights to businesses and how they are legally protected.

Discern the characteristics and enforceability of online contracts, including click-on, shrink-wrap, and browse-wrap agreements.

Understand the exclusive rights provided by patents and the exclusions to what can be copyrighted.

---

Definitions:

Patents

Legal documents granted by the government that give an inventor exclusive rights to make, use, or sell an invention for a certain period of time.

Imitation

The act of copying or mimicking the strategies, products, or processes of individuals or enterprises, often seen as a way to gain a competitive advantage or innovate.

Fast-Second Strategy

A business approach where companies wait to see which innovations prove viable and then quickly follow with improvements and cost reductions.