Cancellation and Storage of Documents Means That

question 53

Multiple Choice

Cancellation and storage of documents means that

• A) data are copied from a document and stored, after which the document is shredded.
• B) documents are defaced before being shredded.
• C) documents are defaced and stored.
• D) cancellation data are copied from documents before they are stored.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business, whichever is longer.

Property, Plant, and Equipment

Tangible assets used in the operation of a business, expected to provide benefits for more than one period, such as buildings and machinery.

Income Statement

A financial statement that shows a company's revenues and expenses over a specified period, resulting in net profit or loss.

Balance Sheet

A financial summary showing a company's assets, liabilities, and equity from shareholders at a designated time.