Common use of Required Record Keeping Practices Clause in Contracts

Required Record Keeping Practices. The Contractor shall maintain in a true and accurate manner and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records and data as necessary for an independent certified public accountant to perform an audit or examination of the Contractor’s financial statements in accordance with GAAP and with generally accepted auditing standards. This includes, but is not limited to: ledgers and account records, revenue journals, daily or periodic summary reports, inventory and purchasing records, cash disbursement register, point of sale records, bank deposit slips, bank statements, tax reports filed with federal, state, county, city, or other agencies, discount or rebate agreements, records of refunds, or third parties relating to this Contract.

Required Record Keeping Practices. The Contractor shall maintain in a true and accurate manner and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records and data as necessary for an independent certified public accountant to perform an audit or examination of the ContractorContract’s financial statements, including balance sheet and income statements in accordance with GAAP and with generally accepted auditing standards. This includes, but is not limited to: general ledgers, subsidiary ledgers and account records, revenue journals, daily or periodic summary reports, inventory and purchasing records, cash disbursement registerregister or computer terminal tapes, point of sale records, bank deposit slips, bank statements, tax reports filed with federal, state, county, city, city or other agencies, discount or rebate agreements, and records of refunds, subtenants or third parties relating to this and all documentation and records that support the Contractor’s activities, transactions and financial results of the Contract.