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for an incomplete record to provide necessary information, it must be converted to?

Accounts - Principles of Accounts
JAMB 2018

for an incomplete record to provide necessary information, it must be converted to?

  • A. double entry
  • B. single entry
  • C. complete records
  • D. statement of affairs
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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Correct Answer: Option B
Explanation

The Conversion Method of Single Entry System is a more scientific way of preparation of Final Accounts from Incomplete Records. It is also called the Transaction Approach. It does not furnish necessary accounting information. ... is a better approach for preparing accounts from incomplete records of transactions.


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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts