Features of Incomplete Records

Q.

What are the advantages of an incomplete records system?

Q.

What is the conclusion of a single entry system?

Q.

Who founded the double-entry bookkeeping system?

Q.

Write any three objectives of Book-keeping.

Q.

Which type of accounts are never balanced in accounting?

Q.

Which of the following is not a feature of the incomplete system?

1. The profit or loss for the year cannot be ascertained with a high degree of accuracy

2. Personal transactions of owners may also be recorded in the cash book

3. The balance sheet reflects the complete and true position

4. None of the above

Q.

In incomplete records, the information and records maintained are:

1. Complete and scientific system

2. Incomplete and scientific

3. None of these

4. Incomplete and unscientific

Q.

Analysis of profitability, liquidity and solvency of the business can be done under incomplete records system.

1. True

2. False

Q.

State the meaning of incomplete records ?

Q.

Which of the following is a limitation of incomplete records system?

1. The accuracy of accounts cannot be ensured.

2. Correct ascertainment and evaluation of the financial result of business operations cannot be made

3. All of the above

4. A trial balance cannot be prepared

Q.

Which of the following is correct about incomplete records?

1. Frauds cannot be easily committed under incomplete records system

2. None of the above

3. Incomplete records system is complete and scientific system

4. The balance sheet does not reflect the complete and true position

Q.

The profit or loss for the year can be ascertained with a high degree of accuracy under which of the following system?

1. Cash system

2. None of the above

3. Incomplete records system

4. Double entry system

Q. In incomplete records, the information and records maintained are and .

1. complete
2. incomplete
3. scientific
4. unscientific

Q.

What is an error of omission and commission?

Q.

Incomplete records system is _________ method of maintaining records.

1. Complete

2. Systematic

3. All of the above

4. Unsystematic

Q. Question : State the meaning of incomplete records?

Q. Select the most appropriate alternatives from those given below and rewrite the statements :

Totalling of Journal or ledger is called as ______.
a) Posting
b) Folio
c) Casting
d) Journalising

Q. Which of these is not a feature of Balance sheet

1. It is a statement of financial position as on a particular date
2. Liabilities are shown on the left-hand side
3. It is a memorandum A/c
4. Assets and liabilities are presented either in liquidity or permanency order

Q.

Which one of the following statement is correct?

1. No proper information regarding revenue, expenses, assets and liabilities is maintained in incomplete records.

2. The proper information regarding revenue, expenses, assets and liabilities is maintained in incomplete records.

3. No proper information regarding revenue and expenses is maintained, but correct information regarding assets and liabilities are maintained in incomplete records.

4. The proper information regarding revenue and expenses is maintained, but no proper information regarding assets and liabilities are maintained in incomplete records.

Q. Fill in the blanks with the right choice of words.

1. demurred - promoted
2. confided - banned
3. dissembled - dismissed
4. rejoiced - wrong
5. hesitated - lauded