With Regards to the Internet, Which of the Following Statements

question 100

Multiple Choice

With regards to the internet, which of the following statements is true?

• A) Existing laws go a long way to establish rights and obligations for the parties doing business online, but the protection and enforcement of those rights can be an insurmountable problem.
• B) Valid laws apply to the internet, and there have been no difficulties in determining what laws apply to the internet and internet transactions.
• C) Judicial action is allowed only if the person being sued is a resident of that jurisdiction.
• D) Regulatory steps have been taken to overcome all problems associated with jurisdictional issues.
• E) Determining where an action should be brought has not presented any legal problems.

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Definitions:

FASB Statements

Formal documents issued by the Financial Accounting Standards Board, setting forth standards and principles for financial accounting and reporting in the U.S.

AICPA Accounting Interpretations

Formal explanations and clarifications issued by the American Institute of Certified Public Accountants regarding specific accounting issues.

FASB Technical Bulletins

Short for Financial Accounting Standards Board Technical Bulletins, these documents provide guidance on specific accounting issues.

Authoritative Support

Documentation or guidance that provides the basis for accounting policies and decisions, often issued by standard-setting bodies.