RIM Programs Should Have the Following Features

question 7

Multiple Choice

RIM programs should have the following features:

• A)adherence to the ARMA Principles
• B)a legally defensible retention schedule
• C)efficient procedures for managing the five stages of the record life cycle
• D)well-trained staff
• E)All of the above

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Definitions:

Sales Returns

Transactions in which customers return previously purchased merchandise, leading to a refund.

Operating Expenses

Costs associated with the day-to-day operations of a business, such as rent, utilities, and salaries, excluding direct production costs.

Perpetual Inventory System

An inventory accounting system that employs computerized point-of-sale systems and enterprise asset management software to instantly register the purchase or sale of inventory items.

Gross Method

A method of recording purchases at the gross invoice amount before any discounts are applied.