What System Privileges Should an Employee Involved in the General

question 3

Multiple Choice

What system privileges should an employee involved in the general ledger and reporting system be given?

• A) general privileges to create, delete, update, or modify data
• B) no privileges permitting the creation, deletion, updating, or modification of data
• C) only the specific privileges necessary to perform an employee's assigned duties
• D) read-only privileges

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Definitions:

Historical Rate

The exchange rate at which a foreign currency transaction was converted to the reporting currency at the date of the transaction.

Closing Rate

The exchange rate at the balance sheet date, used for translating the financial statements of a foreign subsidiary into the parent company's reporting currency.

Spot Rate

The current market price at which a particular currency can be bought or sold for immediate delivery.

Reporting Period

This term refers to the specific time span for which financial statements are prepared, like a quarter or a year, to give insights into a company's financial position.