According to APP2 of the Privacy Amendment (Enhancing Privacy Protection)Act

question 45

Multiple Choice

According to APP2 of the Privacy Amendment (Enhancing Privacy Protection) Act 2012 (Cth) , personal information a business has about an individual can generally only be used for the purpose:

• A)For which it was collected.
• B)Of dissemination in the public interest.
• C)Of marketing.
• D)Of making a profit.

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Definitions:

Allowance Account

A contra account related to accounts receivable that estimates the amount of receivables which may not be collected.

Allowance for Doubtful Accounts

This accounting practice represents a reserve for accounts receivable that may not be collectible, reflecting potential future losses due to credit sales.

Debit Balance

A debit balance is the remaining amount of money in an account, typically a bank account or a business's financial account, after all debits have been accounted for.

Credit Balance

A situation in financial accounts where the amount of credits exceeds the amount of debits, indicating an amount owed to the account holder.