List and briefly define the privacy conditions inherent to the Safe Harbor agreement
Notice: Organizations must provide individuals with clear notice of, "the purposes for which it collects and uses information about them, the types of third parties to which it discloses the information, and how to contact the company with inquiries or complaints.".
Choice: Before any data is collected, an organization must give its customers the opportunity to choose whether to share their sensitive information (e.g., data related to factors such as health, race, or religion).
Onward Transfer: Unless they have the individual's permission to do otherwise, organizations may share information only with those third parties that belong to the Safe Harbor Agreement or follow its principles.
Security and Data Integrity: Organizations need to ensure that the data they maintain is accurate, complete, and current, and thus reliable, for use. They must also ensure the security of the information by protecting it against loss, misuse, unauthorized access, disclosure, alteration, and destruction.
Access: Unless they would be unduly burdened or violate the rights of others, organizations must give individuals "access to personal data about themselves and provide an opportunity to correct, amend, or delete such data.".
Enforcement: Organizations must "enforce compliance, provide recourse for individuals who believe their privacy rights have been violated, and impose sanctions on their employees and agents for non-compliance.".
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A company purchased factory equipment on April 1, 2007, for $48,000. It is estimated that the equipment will have a $6,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2007, is
a. $4,800 b. $4,200 c. $3,150 d. $3,600
Under the percentage-of-completion method, when a company records a receivable from a sale, it must subtract the balance from this account from Construction in Process to avoid double-counting inventory.
(a) principal-agent relationship (b) initial franchise fee (c) Billings account (d) performance obligation