Maintenance should include filing and archiving business files, receipts, and tax forms while considering

• consistency
• relevance
• reliability
• comparability
• length of time required to maintain records
• security of records.

Process/Skill Questions:

• Why is comparability one of the most important aspects of GAAP?
• What is the purpose of GAAP?
• What is the difference between active files and permanent files?
• What are the benefits of maintaining a filing system? What are the advantages and disadvantages of maintaining files on a computer?