Agency
The duty of ACCOUNTING in a NJ agency relationship requires the agent to:
AKeep tax records for the client
BReport to and account for all money and property received on behalf of the principal✓ Correct
CFile annual financial statements with the NJREC
DPrepare the closing statement independently
Explanation
The fiduciary duty of accounting requires the agent to keep accurate records of and account for all funds, documents, and property entrusted to them by or on behalf of the principal.
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