Business Studies XI Content
Types of records
Some types of records:
1. Correspondence records
Correspondence records may be created inside the office or may be received from outside the office. For example, letters, circulars, memos, notices etc.
2. Accounting records
The records relating to financial transactions are known as financial records. For example, cash receipt, deposit slip, sales records, profit or loss statement, vouchers, balance sheet etc.
3. Legal records
The records that meet the legal requirement of the organization are called legal records. They maintain the legal procedures and help in fulfilling the legal requirements and formalities. Their documents involve memorandum of association, articles of association, government rules and regulation etc. it can also be presented at the court.
4. Personnel records
The records that are related to personnel of organization is known as personnel records. It includes personnel history card, salaries and bonuses to employees, their promotion and work history, history of absenteeism, name, address morality etc.
5. Progress records
The record that gives the information about the progress of the organization or department is called progress records. It includes the records of sales, purchases, cost, budget, liquidity and so on.
6. Miscellaneous records
The records which are not covered by above types of records are known as miscellaneous records. They are related to expansion, diversification and other activities of the business.