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It is required by the FASB and the government. It is your legal obligation.
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∙ 8y ago
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How long do you need to keep financial records after someone dies?
7 years
Need for Reconciliation of Cost and Financial Records?
Need for reconciliation of cost and financial accounts
What does a small business use as a basis of obtaining information for their financial records?
Financial records for a small businessProfit and Loss Statement and a Balance Sheet are common to all types of businesses and are the basic financial statements which summarize all the accounts of a business.Ledgers for Accounts Receivable - for a business offers credit to customersLedgers for Accounts Payable - for a business that purchases material or goods for production or resaleCost accounting records - for a business that manufactures goods for saleInventory records - cover purchase costs, quantities brought in, and quantities used.There are many other types of financial records a business may need. Examples are Personnel and Payroll records.There may also be financial records specially required by certain industries or because of the legal form of business organization you choose, such as incorporation. Refer to links below for further information
Why need to maintain database?
to keep records of the information on the internet
How long do you need to keep accounts receivable records?
Various companies keep the records various times. For the most part (for tax purposes) it is best to keep all records for 5 to 7 years after the date.
How long do you need to keep financial records after someone dies?
7 years
Why do we need financial accounts?
businesses need financial accounts so as to keep track of all their transactions,check progress(profits &losses) and to make decisons
Need for Reconciliation of Cost and Financial Records?
Need for reconciliation of cost and financial accounts
What does Financial capital include?
Money and assets are financial capital. Businesses can liquidate assets by selling them to get the money they need for operations.
What does a small business use as a basis of obtaining information for their financial records?
Financial records for a small businessProfit and Loss Statement and a Balance Sheet are common to all types of businesses and are the basic financial statements which summarize all the accounts of a business.Ledgers for Accounts Receivable - for a business offers credit to customersLedgers for Accounts Payable - for a business that purchases material or goods for production or resaleCost accounting records - for a business that manufactures goods for saleInventory records - cover purchase costs, quantities brought in, and quantities used.There are many other types of financial records a business may need. Examples are Personnel and Payroll records.There may also be financial records specially required by certain industries or because of the legal form of business organization you choose, such as incorporation. Refer to links below for further information
Is Financial management a managerial activity?
Financial management is a managerial activity because businesses need to make high level financial decisions for every department to function. Financial management will determine when some loans need to be taken or what kind of financing options need to be upheld.
How long do the keep ticket records?
They'll appear on your MVR for seven years. Insurance companies typically look at the past three years. If you're keeping records simply for financial purposes, you keep the records for as long as you see fit to. If you need to submit a driving record for a job application, they'll ask for a copy of your MVR, which you get from your state's DMV records office. In the case of insurance companies reviewing your driving records, they have the capability to do that online.
Why need to maintain database?
to keep records of the information on the internet
How long do you need to keep accounts receivable records?
Various companies keep the records various times. For the most part (for tax purposes) it is best to keep all records for 5 to 7 years after the date.
Why might you need to revise your financial plan?
i would say every month? Because you need to keep on top of your financial plans.
Why do companies need to keep record of transactions?
companies need to keep records of transactions, so that they can know well about their profit or loss percentages, also some companies have multiple share holders, so they need to keep records for keeping check and balance :)
Why do businesses need a computer database?
To keep track of what their business needs, the profits, ect.
