What Are The Three Main Types Of Records?

What Are Records?

A record is any document (paper or electronic) created or received by offices or employees that allows them to conduct business.

This definition includes, but is not limited to: correspondence.

forms.

reports..

By definition, a record is a written account of all the acts and proceedings in a lawsuit. The most recognizable types of legal information, whether in paper or digital form, include case documents (such as photos, video, transcripts, timelines, and audio) and court records.

What is the most important type of financial record keeping?

Records like income and expenditure statements show the overall profit and expenses of your organization in the given period of time. On the other hand, complex accounting documentations like balance sheets are the most authentic proof for your existing legal assets, liabilities and equities, on a given period of time.

Are most vinyl 33 or 45?

Vinyl records are produced to be played at one of three speeds: 33 1/3 RPM, 45 RPM, and 78 RPM. You will almost never deal with 78 RPM records, so don’t worry about that. Most full-size 12-inch records will be 33 1/3 RPM, though some — mainly EPs and maxi-singles — will be at 45 RPM.

What are six types of records your company is likely to need?

What are six types of records your company is likely to need? When running a business there are a lot of different types of records your company is likely to need some common records are: proof of business for tax purposes, revenue and loss, accounting journals, petty cash, payroll and deductions.

What are examples of records?

Examples include documents, books, paper, electronic records, photographs, videos, sound recordings, databases, and other data compilations that are used for multiple purposes, or other material, regardless of physical form or characteristics.

Why are financial records kept?

You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business.

What are the two types of records?

Types of recordsCorrespondence records. Correspondence records may be created inside the office or may be received from outside the office. … Accounting records. The records relating to financial transactions are known as financial records. … Legal records. … Personnel records. … Progress records. … Miscellaneous records.

What does LP stand for?

long play recordMeaning: A long play record is a vinyl record characterized by its 33 1⁄3rpm speed,12- or 10-inch diameter, and it’s “microgroove” specification. How many songs are on an LP? Typically 7 tracks and up. Long story short, an LP is a full-length album. All that distinguishes an LP from any other album is its vinyl medium.

How many types of records are there?

While the four types of vinyl records are most common. It’s not unusual to see some vinyl records in different sizes, shapes or even colors and pictures printed on them.

What are the types of record keeping?

Make sure you keep track of these five types of records for your business.Accounting records. Accounting records document your business’s transactions. … Bank statements. Bank statements are records of all your accounts with the bank. … Legal documents. … Permits and Licenses. … Insurance documents.

What are little Records called?

These recordings are often called ‘LPs’ or ‘LP records,’ short for ‘long play,’ as the slower playback speed and narrow grooves allowed 33 rpm records to store more audio than older varieties. 7-inch discs could hold two to three songs, while the 12-inch breed fits four to five.

What are the characteristics of records?

Four essential characteristics: – Authenticity-A record must be what it purports to be. – Reliability-A record must be a full and accurate representation of the transactions, activities, or facts to which it attests. – Integrity-A record must be complete and unaltered.

What is the use of records?

Records support openness and transparency by documenting and providing evidence of work activities and by making them available to the public. Records support quality program and services, inform decision making, and help meet organizational goals.

What records do companies need to keep?

Assets, liabilities, income and expenditure – If your business is a limited company, you need to keep all of your accounting and business records, including bank statements, paying-in slips, account books, purchases and sales information, to prove the financial position of your business and comply with the Companies …