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LSDefine
Simple English definitions for legal terms
books
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A quick definition of books:
Books are important financial records that companies keep to track their money. These records include things like invoices, sales records, and profit calculations. They help the company keep track of how much money they make and spend. It's important for companies to keep accurate books so they can report their finances to the government. In some states, like Georgia and California, it's even required by law. If someone lies in the books or refuses to let them be inspected, they can get in big trouble.
A more thorough explanation:
Books are financial records that a company keeps to track its income, expenses, sales, and profits. These records include files, invoices, accounting records, and more. They are important for preparing annual statements and for submitting financial information to the appropriate authorities.
For example, in Georgia, corporations are required to keep proper books and records of all their income, expenditures, and receipts. They must submit these books for inspection by the state auditor each year. Similarly, in California, anyone who knowingly makes false statements in a credit union's financial reports or refuses to allow the books to be inspected can be charged with a felony.
Overall, books are essential for keeping track of a company's finances and ensuring that they are in compliance with legal requirements.