No, the office clipboard does not hold just the last item
that was Copied (Ctrl + C) or Cut (Ctrl + X). The Microsoft Office Clipboard
holds up to 24 items at a time. Want to see the last 24 items that were clipped
in the current session? Go to the Home tab, find the Clipboard panel at the far
left and click on the dialog launcher (the diagonal arrow at the lower right of
the panel). The Office Clipboard pane opens and anything you copy to the
clipboard gets saved in the pane.
You can select any item, right-click on it, and select Paste
or Delete. You can also Paste all of them in a document at once by clicking the
Paste All button.