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Types of Records:
1. Correspondence: Correspondence includes letters, notices, circulars, memorandum, reports etc., received by the firm and the copies of letters sent out. It also includes telegrams and fax messages.
2. Accounts Department Records: These include all papers or documents connected with accounts of the firm. E.g. invoices, petty cash vouchers, receipts, bank statement, accounting ledgers etc.
3. Purchases and Sales Records: These includes all papers connected with purchases, sales and stock keeping of goods handled by the firm, e.g. Price list, quotations, samples, copy orders etc.
4. Personal Records: These include all papers connected with the employees of the firm e.g. completed application form etc. and records of employees’ attitude, absenteeism, and turnover etc.
5. Administrative Records: All records which are necessary with regard to the administration of the firm either because of statutory requirements otherwise e.g. Insurance policies, vehicle registration books, licenses, hire purchases agreement, share certificates and so on.
6. Miscellaneous Records: Modern business firms also keep records which have not been included in either of the above categories for instance records relating to advertisement campaign marketing research etc.
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