Record Retention Policies in Accounting
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Questions and Answers

What is the retention period for the Purchase Register?

  • 6 Years (correct)
  • 5 Years
  • 2 Years
  • 3 Years

    • How long must the Advice Note of Stores Returned be kept?

  • 10 Years
  • 2 Years (correct)
  • 3 Years
  • 5 Years

    • What is the retention period for Stock Adjustment Account Register?

  • 5 Years
  • 2 Years
  • 3 Years (correct)
  • 10 Years

    • Which document has a retention period of 3 Years?

    <p>Class Ledgers</p> Signup and view all the answers

    What is the required retention period for the Inventory of Dead Stock?

    <p>2 Years</p> Signup and view all the answers

    How long should a Ticket Indent for Passengers (Form No. Com../T-14) be preserved?

    <p>1 Year</p> Signup and view all the answers

    What is the preservation period for Luggage Ticket Local (Form No. Com../L-48)?

    <p>1 Year</p> Signup and view all the answers

    For how long must the Return of Coaching Vehicles inter-changed between India and Pakistan be kept?

    <p>3 Years</p> Signup and view all the answers

    Which of the following forms requires a preservation period of 6 Months?

    <p>Coaching Transit Memo for Balance Sheet (Com./C-33)</p> Signup and view all the answers

    What should happen to returns on which internal checks have not been completed?

    <p>They may be retained until necessary checks are cleared.</p> Signup and view all the answers

    For which form is the preservation period also 1 Year?

    <p>To Pay Parcel Way Bills (Com./P-35 &amp; P-37)</p> Signup and view all the answers

    What is the minimum record retention period for Coaching Transit Memo for Parcels & Motor Traffic?

    <p>6 Months</p> Signup and view all the answers

    How long should the Traffic Cash Check Sheet be preserved?

    <p>2 Years</p> Signup and view all the answers

    Which document needs to be retained for the shortest duration?

    <p>Collected RFT Foils</p> Signup and view all the answers

    What is the retention period for the Incorrect Statements?

    <p>3 Years</p> Signup and view all the answers

    The Office Copy of Carriage Bills should be kept for how many years?

    <p>3 Years</p> Signup and view all the answers

    Which of the following documents is required to be preserved for 2½ years?

    <p>Cash Register-Cash and Vouchers</p> Signup and view all the answers

    What is the minimum retention period for Paid Statements Through-Traffic?

    <p>3 Years</p> Signup and view all the answers

    How long should the Register of Passes issued be retained?

    <p>1 Year</p> Signup and view all the answers

    Which of the following statements regarding the preservation period is correct?

    <p>Traffic Cash Check Sheet - 2 Years</p> Signup and view all the answers

    Which document has the longest required retention period?

    <p>Incorrect Statements</p> Signup and view all the answers

    How many years should the monthly error statements (received from other Railways) be preserved?

    <p>2 Years</p> Signup and view all the answers

    What is the preservation period for the statement of incorrect invoices (Over/Undercharges) of Outward-Local?

    <p>3 Years</p> Signup and view all the answers

    Which document has the longest preservation period?

    <p>General Cash Book</p> Signup and view all the answers

    For how long must the cash abstract book (receipts and disbursements) be preserved?

    <p>3 Years</p> Signup and view all the answers

    What is the preservation period for the statement of crane charges?

    <p>1 Year</p> Signup and view all the answers

    What is the preservation requirement for the finance accounts?

    <p>P</p> Signup and view all the answers

    Which type of statement is preserved for exactly 2 Years?

    <p>Statistical Statement No. 8</p> Signup and view all the answers

    Which document is preserved for the shortest period of time?

    <p>Journal Slip</p> Signup and view all the answers

    For how long should the general ledger be preserved?

    <p>10 Years</p> Signup and view all the answers

    Which document requires preservation for at least 3 Years?

    <p>Cash Abstract Book</p> Signup and view all the answers

    What is the preservation period for the Cashier's Cash Book?

    <p>5 Years</p> Signup and view all the answers

    How long must the Register of Paper Securities be preserved?

    <p>20 Years</p> Signup and view all the answers

    What is the preservation period for the Memo of Difference in Pay Bills?

    <p>3 Years</p> Signup and view all the answers

    Which of the following documents requires a preservation period of 6 years?

    <p>Pay Order for Handling Bills</p> Signup and view all the answers

    What is the preservation duration for the Leave Account of Non-gazetted Staff after retirement?

    <p>5 Years</p> Signup and view all the answers

    How long should the Journal of Duties performed be preserved?

    <p>3 Years</p> Signup and view all the answers

    What is the preservation period for the Register of Earnings?

    <p>5 Years</p> Signup and view all the answers

    Which document is preserved for 10 years?

    <p>Abstracts of Bills Passed</p> Signup and view all the answers

    How long should the Register of Bills Recoverable be preserved?

    <p>5 Years</p> Signup and view all the answers

    What is the preservation duration for the Absentee Statement?

    <p>3 Years</p> Signup and view all the answers

    Which document requires the longest retention period?

    <p>Register of Works</p> Signup and view all the answers

    What is the retention period for the Monthly Account Current?

    <p>3 Years</p> Signup and view all the answers

    Which of the following documents has a preservation period of 6 Months?

    <p>Monthly Statement of Carriage and Wagon Expenses</p> Signup and view all the answers

    How long should the Ballast Train Return be preserved?

    <p>1 Year</p> Signup and view all the answers

    Which document is retained for exactly 5 Years?

    <p>Labour Pay Sheets</p> Signup and view all the answers

    What is the preservation period for the Cash Transmit Notes of Miscellaneous Receipts?

    <p>3½ Years</p> Signup and view all the answers

    Which document requires a preservation period of 2 Years?

    <p>Advice of Check of Station Balance Sheet</p> Signup and view all the answers

    Which document has the shortest preservation requirement?

    <p>Cash Remittance Note</p> Signup and view all the answers

    What is the required retention period for the Summary of Traffic Book for Journal Entry?

    <p>3 Years</p> Signup and view all the answers

    What is the preservation period for the Return of Excess Fare Local/Through?

    <p>3 Years</p> Signup and view all the answers

    Which form must be kept for the longest duration?

    <p>Statement of Goods handled by Contractors</p> Signup and view all the answers

    Which of the following documents has a preservation period of 1½ Years?

    <p>Money Receipt</p> Signup and view all the answers

    How long must the Statement of Tickets on hand be preserved?

    <p>1 Year</p> Signup and view all the answers

    How long should the Return of Animals and Birds etc.-Local be preserved?

    <p>3 Years</p> Signup and view all the answers

    For which form is a preservation period of exactly 5 Years required?

    <p>Traffic Book</p> Signup and view all the answers

    What is the preservation requirement for the Left Luggage, Demurrage and Wharfage Return?

    <p>1 Year</p> Signup and view all the answers

    Which document must be retained for exactly 2½ years?

    <p>List of Outstandings</p> Signup and view all the answers

    Which form has the same preservation period as the Return of Through Luggage (Ordinary)?

    <p>Return of Luggage (Ordinary) Local</p> Signup and view all the answers

    What is the preservation requirement for the Report of Travelling Inspector of Accounts?

    <p>2 Years</p> Signup and view all the answers

    What is the preservation duration for the Abstract of Local/Through Traffic Inward?

    <p>2 Years</p> Signup and view all the answers

    What is the preservation period for the Chief Cashier's Cash Book (Payments)?

    <p>10 Years</p> Signup and view all the answers

    Which of the following forms has the longest required preservation period?

    <p>Register of Paper Securities</p> Signup and view all the answers

    How long should the Memo of Difference in Pay Bills be maintained?

    <p>3 Years</p> Signup and view all the answers

    What is the preservation period for the Leave Account of Non-gazetted Staff after death?

    <p>3 Years</p> Signup and view all the answers

    Which document requires a preservation period of exactly 6 Years?

    <p>Pay Order</p> Signup and view all the answers

    What is the required preservation duration for the Statement of Deductions from Pay?

    <p>3 Years</p> Signup and view all the answers

    How long should the Abstracts of Bills Passed be preserved?

    <p>10 Years</p> Signup and view all the answers

    Which of the following has the shortest preservation requirement?

    <p>Travelling Allowance Bill</p> Signup and view all the answers

    For how many years should the Pay Bill be preserved?

    <p>10 Years</p> Signup and view all the answers

    Which document has a preservation period of 1 Year?

    <p>Remittance Note</p> Signup and view all the answers

    What is the required preservation duration for the List of Unpaid Wages?

    <p>3 Years</p> Signup and view all the answers

    For which document is the retention period specifically noted as 5 years?

    <p>Journal Slip</p> Signup and view all the answers

    Which of the following statements about the preservation period is correct?

    <p>LDCC Statement received from other Railways has a preservation period of 2 Years.</p> Signup and view all the answers

    How long should the Journal be preserved?

    <p>10 Years</p> Signup and view all the answers

    Which form of statement has a retention period of 2 years?

    <p>Monthly Account Current Capital</p> Signup and view all the answers

    What is the retention period for the statement of incorrect invoices (Over/Undercharges)?

    <p>3 Years</p> Signup and view all the answers

    Which documents need to be kept for 2 Years?

    <p>Transfer Certificate</p> Signup and view all the answers

    Study Notes

    Retention Periods for Records in Accounts Offices

    • Railway records should not be destroyed until the prescribed preservation period expires
    • Full details of all destroyed records should be maintained permanently
    • Railway Board orders may affect specific cases
    • General Manager to prescribe record retention periods, except for initial accounts and records related to accounts department
    • Records connected to accounts rendered to the Accounts Department should be prescribed after consultation with the Financial Adviser and Chief Accounts Officer
    • Records related to expenditure within the statute of limitations should not be destroyed without prior approval
    • Records connected to incomplete works, beyond the limitation period, should not be destroyed without prior approval
    • Experimental and observational records should not be destroyed without prior approval
    • Records related to employee claims or service matters should not be destroyed without prior approval
    • Records related to investigations by vigilance or enquiry committees should not be destroyed without prior approval
    • Records related to statutory Acts (Service Tax, Excise, CENVAT, etc.) should be preserved at least until the minimum period required by the respective Act. They may not be destroyed without prior head of department approval
    • Financial Adviser and Chief Accounts Officer, after consultation with the General Manager, should prescribe retention periods for records not listed
    • All returns and connected documents where internal checks are incomplete or objections raised should be kept until checks are complete or objections are resolved
    • Records are needed to support claims within legal timeframes

    Specific Record Retention Periods (Examples)

    • Com./T-14 (Revised) - Ticket Indent for Passengers: 1 year
    • Com./L-48: Luggage Ticket Local - 1 year
    • Com./L-49: Luggage Ticket Through Traffic - 1 year
    • Com./T-9: Clock Room Ticket - 1 year
    • Com./P-38 & P-39: Way-bills for Animals, Birds etc. - 1 year
    • Com./T-8 (Revised): Ticket Collector's Report - 6 months
    • Com./P-35 & P-37: Parcel Way Bills - 1 year
    • Return of Coaching Vehicles (inter-changed between India and Pakistan): 3 years
    • Com./C-33 (Revised): Coaching Transit Memo (Balance Sheet etc.) - 6 months
    • Com./C-34 (Revised): Coaching Transit Memo (Passengers etc.) - 6 months
    • Com./C-35 (Revised): Coaching Transit Memo (Parcels & Motor Traffic) - 6 months
    • Com./C-36 (Revised): Coaching Transit Memo (Passengers etc., Through) - 6 months
    • Com./C-37 (Revised): Coaching Transit Memo (Periodical-Local) - 6 months
    • Com./C-37 (Revised): Coaching Station Balance Sheet - 2 years
    • Com./P-15 & P-16 (Revised): Passenger Classification - 3 years
    • Com./P-21 (Revised): Passenger (Government) Return-Local - 3 years
    • Com./P-22 (Revised): Passenger (Government) Return-Through - 3 years
    • Com./R-19 (Revised): Return of Excess Fare (Local/Through) – 3 years
    • And many more... (see document for a comprehensive list)

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    Related Documents

    Appendix 9 PDF

    Description

    This quiz covers the essential retention periods for various records within accounts offices, particularly in railway settings. It addresses the necessary approvals required for destroying records related to accounts, employee claims, and incomplete works. Understanding these policies is critical for compliance and maintaining accurate financial documentation.

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