Question

It is wise to keep all records of daily sales and services for:

Select one:
a. 10 years
b. 5-7 years
c. 2-4 years
d. 6-14 years

Answer 1

It is wise to keep all records of daily sales and services for 2-4 years for various purposes such as tax audits, financial analysis, and legal requirements.

Step-by-step explanation:

It is wise to keep all records of daily sales and services for 2-4 years. This is because business records are important for various purposes such as tax audits, financial analysis, and legal requirements.

Keeping records for 2-4 years allows businesses to have access to recent and relevant data without holding onto unnecessary documents for an extended period.

For example, if a business is audited by the IRS, they may request records dating back 3 years from the date of the tax return filing. Similarly, banks or investors may also require access to sales records for a few years to assess the financial health of the business.