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The AICPA's Trust Services Criteria Practice That States That Only

question 5

Multiple Choice

The AICPA's Trust Services Criteria practice that states that only the data that is necessary for the purpose of conducting the transaction should be collected is under the title of:


Definitions:

Personal Property Security Act

Legislation that provides for the creation and registration of security interests in personal property to secure payment or performance of an obligation.

Bankruptcy

A legal process for individuals or entities that are unable to repay their outstanding debts, providing a mechanism for dealing with financial insolvency.

Fraudulent Transfer

A debtor’s transfer of property in an attempt to keep it out of the hands of creditors; not a valid sale at a fair price to an innocent third party.

Bona Fide Purchaser

A person who acquires property in good faith and without awareness of any defects or problems with the title.

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