Running Records Are Files or Documents That an Organization Maintains

question 55

Multiple Choice

Running records are files or documents that an organization maintains over time.Which of the following is a limitation of running records?

• A)Organizations do not always maintain them.
• B)Organizations run out of space and the records are hard to find.
• C)Paper documents are often old and brittle.
• D)Handwritten records may be difficult to interpret.

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Definitions:

Accountant

A professional who is responsible for keeping and interpreting financial records, ensuring accuracy and compliance with laws.

Economist

A professional who studies the production, distribution, and consumption of goods and services, focusing on economic theories and practices.

Interest

The charge for obtaining funds, often shown as a percentage of the loan amount.

Explicit Cost

Direct, out-of-pocket expenses incurred in the operation of a business, such as wages or rental payments.