Question

It is necessary to retain information for two significant reasons: legal obligation and business needs. Data that occupies the class of ________________ is comprised of records that are required to support operations; the data included might be customer and vendor records

Answer 1

Answer:

The correct answer is letter "B": business.

Explanation:

Business data represents the information of the transactions a company carries out as a result of its operations. Information about suppliers and customers is recorded for control purposes and, mainly, to cover the legal obligation to report the accounting analysis of the firm in the Financial Statements.

Besides, the accounting information of a firm allows managers to compare budget expectations with the current performance of the company to take decisions on what course the entity should follow to reach its objectives.