Geoff Is the Payroll Clerk for a Firm That Maintains

question 29

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 and all backups.
• 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:

End-of-quarter Payments

Payments made at the end of each quarter in a financial year, often related to dividends, loans, or leases.

Compounded Monthly

A method of calculating interest where the interest amount is added to the principal balance each month, accelerating the growth of the investment.

Compounded Monthly

Interest on an investment or loan is calculated monthly, adding the interest from each month to the principal amount for the calculation of the next month's interest.

Compounded Semi-annually

A method of calculating interest where the interest is added to the principal amount twice a year, resulting in the accumulation of interest on interest over the period.