Geoff Is the Payroll Clerk for a Firm That Maintains

question 70

Multiple Choice

Geoff is the payroll clerk for a firm that maintains its payroll through computerized records on a centralized server.One of his responsibilities is employee file maintenance,including the destruction of records after the retention time has elapsed.His method of purging employee records is to delete the file from the database.What other record destruction procedures should Geoff follow?

• A)None.His method is acceptable.
• B)He should check all other employees' computers to ensure that the record is deleted.
• C)He should purge the record from the server.
• D)He should send an interoffice request to have someone in the information technology department remove the record from the server.

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Definitions:

Unrealized Loss

A loss that results from holding onto an asset that has decreased in price, but has not yet been sold or actualized through closure of the position.

Held-to-Maturity Securities

Debt securities that a firm has the positive intent and ability to hold until maturity.

Parent-Subsidiary Relationship

A corporate structure dynamics where one company (the parent) controls another company (the subsidiary) through ownership of a majority of its voting stock.

Common Stock

Equity ownership in a corporation, with holders having a vote in company matters but typically last in line for claims on assets.