An RIA's Client Records Must Be Maintained for a Period

question 5

Multiple Choice

An RIA's client records must be maintained for a period of not less than _____ years from the end of the fiscal year of the last recorded entry.

• A)Two.
• B)Five.
• C)Seven.
• D)Ten.

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Definitions:

Voting Shares

Equity securities that grant the holder the right to vote on company matters, such as board elections and major corporate decisions.

Net Income

The net income of a business once all costs and taxes are subtracted from its total revenues.

Fair Value Through Other Comprehensive Income

A financial accounting method where certain assets are revalued periodically and changes are recorded in other comprehensive income.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.