Travel Industry Council of Ontario Practice Exam 2025 – Complete Preparation Guide

Maintaining accurate records of all transactions is a key financial obligation of a registered travel agency because it ensures compliance with regulatory requirements and helps to safeguard financial integrity. Accurate record-keeping allows travel agencies to track income and expenses effectively, manage cash flow, and prepare financial statements. It also facilitates audits and provides transparency in operations, which fosters trust and accountability with clients and regulatory bodies.

In addition to legal and regulatory compliance, having precise records assists travel agencies in understanding their business performance. This vital practice helps in identifying trends, planning for future growth, and making informed business decisions. Poor record-keeping can lead to financial discrepancies, legal issues, and ultimately harm the agency's reputation and operations.

The other options, while they may contribute to the overall success of the agency, do not represent main financial obligations. Expanding the customer base, providing complimentary services, and offering competitive pricing pertain more to marketing and customer service strategies rather than core financial responsibilities.