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How long do the following records need to be maintained?

A.Blotters
B.General ledgers
C.Stock records

1 Answer

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Final answer:

Blotters should be maintained for a minimum of five years, general ledgers for at least seven years, and stock records for at least seven years.

Step-by-step explanation:

Blotters: Blotters are records that summarize daily transactions. They should be maintained for a minimum of five years to comply with legal requirements and for reference purposes.

General ledgers: General ledgers are the central record-keeping system for a company's financial transactions. They should be maintained for at least seven years for auditing and tax purposes.

Stock records: Stock records document the purchasing, selling, and inventory of goods. They should be maintained for at least seven years to track the flow of goods and for accounting purposes.

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