A Contracting Company Recently Completed Its Period of Performance on a Government

question 1073

Multiple Choice

A contracting company recently completed its period of performance on a government contract and would like to destroy all information associated with contract performance. Which of the following is the best NEXT step for the company to take?

• A) Consult data disposition policies in the contract.
• B) Use a pulper or pulverizer for data destruction.
• C) Retain the data for a period no more than one year.
• D) Burn hard copies containing PII or PHI

Understand the receivables management, including the sale of receivables and estimating bad debts.

Comprehend the implications of converting receivables to cash and recognizing related expenses or income.

Apply aging of accounts receivable method to estimate bad debts expense and adjust the Allowance for Doubtful Accounts.

Understand the use and effect of promissory notes in transactions involving receivables.

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Definitions:

Investment

The action of dispensing resources, often capital, with a view towards gaining profit or income.

College Education

College education is the stage of learning that occurs at universities and colleges, often leading to an undergraduate or graduate degree.

Compounded Monthly

A method of calculating interest where the interest is added to the principal each month, resulting in interest being calculated on a progressively larger base each period.

Equivalent Amount

An equivalent amount refers to a value that has the same worth or value as another in a different form or denomination.