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 GAAP, such accounts, books, records and data as necessary for an independent certified public accountant to perform an audit or examination of the Contract’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 register or computer terminal tapes, point of sale records, bank deposit slips, bank statements, tax reports filed with federal, state, county, city or other agencies, discount or rebate agreements, and records of refunds, subtenants or third parties and all documentation and records that support the Contractor’s activities, transactions and financial results of the 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 ContractContractor’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 register or computer terminal tapesdisbursement register, 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 and all documentation and records that support the Contractor’s activities, transactions and financial results of the relating to this Contract.