Question

Which method or methods listed below describe a solid system for keeping financial records? I. Making a mental note of all purchases made during the week. II. Recording money spent in a hand-held notebook. III. Organizing receipts and transactions on a computer. A. I only b. II only c. II and III d. I, II, and III Please select the best answer from the choices provided A B C D.

Answer 1

Financial records  are important records and thus, needs to be saved safely. The method for solid system to keep it is: Option d. I, II, and III

How to safely keep financial records and why?

Financial records are records of all financial transactions and receipts. They're needed for future cases like some contradictions, to get past details, to analyze data to make prediction about future sale and for development of the organization etc.

For keeping them, they should be saved in an easily accessible, and hardly destroy-able place. So that its prevented safely but accessible faster with correct authentication.

For the given case, for solid system for keeping financial records, we can actually follow all the three steps provided.

I. Making a mental note of all purchases made during the week. II. Recording money spent in a hand-held notebook. III. Organizing receipts and transactions on a computer.

Thus,

The method for solid system to keep it is: Option d. I, II, and III

Learn more about financial records here:

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