Final answer:
Daily sales slips and petty cash books should be retained for at least a certain period of time for record-keeping and auditing purposes. Generally, it is recommended to retain these documents for a minimum of seven years.
Step-by-step explanation:
Daily sales slips and petty cash books should be retained for at least a certain period of time for record-keeping and auditing purposes. Generally, it is recommended to retain these documents for a minimum of seven years.
By keeping sales slips and petty cash books, businesses can accurately track their daily sales and cash transactions. This can help with financial management, tax compliance, and resolving any discrepancies.
For example, if a business is audited by the Internal Revenue Service (IRS), having these documents readily available can provide proof and support the reported income and expenses.