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Where records maintained are inadequate to facilitate the preparation of a trading and profit and...

Accounts - Principles of Accounts
WAEC 2010

Where records maintained are inadequate to facilitate the preparation of a trading and profit and loss accounts, this is described as

  • A. cost accounting
  • B. bookkeeping
  • C. incomplete records
  • D. double entry
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Correct Answer: Option C
Explanation

Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system, to maintain a reduced amount of information about its financial results.


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