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An active record is a record needed to perform current operations, subject to frequent use, and usually located near the user. In the past, 'records management' was sometimes used to refer only to the management of records which were no longer in everyday use but still needed to be kept – "semi-current" or "inactive" records, often stored in ...
A business record is a document (hard copy or digital) that records an "act, condition, or event" [1] related to business. Business records include meeting minutes, memoranda, employment contracts, and accounting source documents. It must be retrievable at a later date so that the business dealings can be accurately reviewed as required.
A product record (or product data record) is the data associated with the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal. It includes all the information used to develop, describe, manage and communicate information about products and critical linkage between relevant data elements.
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other).
This is significant especially where the original data was produced on technology at a lower level than currently possible. For example, archivists try to maintain the distinction between listening to a gramophone record played on a gramophone as opposed to a digitally cleaned version of the same recording through a modern hi-fi system.
In business and accounting/accountancy, perpetual inventory system or continuous inventory system describes systems of inventory where information on inventory quantity and availability is updated on a continuous/real-time basis as a function of doing business. [1]
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This shows to which suppliers the business owes money, and how much. General ledger : consists of the five main [ 4 ] account types: assets , liabilities , income , expenses , and equity. For every debit recorded in a ledger, there must be a corresponding credit , so that overall the total debits equal the total credits.