Deceitful Practices and Fraud Are Ongoing Concerns for Those Transacting

question 118

Multiple Choice

Deceitful practices and fraud are ongoing concerns for those transacting business on the Internet. Pat has recently been the victim of such a scam. He gets into a heated discussion with his friend over the application of current consumer protection laws to online transactions. Which of the following statements is correct?

• A) Consumer protection law in respect of online transactions is governed by the federal Universal Internet Transactions Act (UITA).
• B) Provincial consumer protection legislation has been ineffective in protecting consumers with respect to internet transactions.
• C) Although new legislation may be enacted in the future, general consumer protection legislation has yet to be extended to online transactions in any Canadian jurisdictions.
• D) Provinces are adopting federal Uniform Electronic Commerce Act guidelines.
• E) While case law applies to online activities, statute law - such as sale of goods legislation - does not apply to such transactions.

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Definitions:

Conversion Costs

The sum of labor and manufacturing overhead expenses necessary to convert raw materials into finished products.

Units Started

Units started refers to the number of items or products that have begun the production process within a given time frame, indicating the level of production activity.

Ending Work

Refers to the value of goods in progress that have not yet been completed at the end of an accounting period, often related to manufacturing processes.

Equivalent Units

A concept used in cost accounting to represent the amount of work done on incomplete units, translated into the amount of completed units.