The principle of record management are as follows:
- Principle of purpose
Records should be maintained with justifiable and clear purpose. Principles of record help to kept a record for future reference and decision making so that it should be maintained with a justifiable and clear purpose. Hence, records management must be based on managing the records having certain objectives.
- Principles of verification:
There must be evidence of all the documents which are preserved in an office. The maintenance of records without any evidential proof will be worthless because they cannot fulfill the legal requirement.
- Principles of retention:
The main objective of record management is to preserve the required document for future reference. Therefore, all the records should be maintained.
- Principles of flexibility:
Record management should be flexible. The flexibility of principle states that an accounting information system should be able to adapt to changes in the company based on its needs, operations, and management.
- Principles of cost:
The accounting principle that goods and services purchased should be recorded at their historical costs and not at their current market value. So, only needy records are records for future reference.