The Best Policy Concerning Recordkeeping Is To

question 38

Multiple Choice

The best policy concerning recordkeeping is to:

• A)retain all records for three years before discarding them
• B)require written responses instead of substituting checkmarks
• C)record only those details that cannot be committed to memory
• D)require only records that provide positive benefits to those involved in the sales process
• E)require records on all details and processes in order to maintain sales process discipline

---

Definitions:

Bank Statement

A bank statement is a summary of all transactions in an account, provided by the bank to the account holder, usually on a monthly basis.

Adjusted Cash Balance

The cash amount reported in financial statements, adjusted for outstanding checks and deposits in transit, to reflect the actual available cash.

Accountant

A professional responsible for managing and examining financial records, preparing financial statements, and ensuring compliance with legal requirements.

Purchase Requisition

A document generated by a company department to request that the purchasing department procure a specific quantity of goods or services.