Features 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.

Incomplete records system is _________ method of maintaining records.

1. Complete

2. Systematic

3. All of the above

4. Unsystematic

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.

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.

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.

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.

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.

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

1. True

2. False

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

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

Q. In marshall mix design the specific gravities and weights of the aggregates used is given below. The weight of the bitumen is 100 gm. The weight and volume of one marshall specimen is 1080 gm and 450 cc. The percent volume of bitumen if the volume of air voids is 5% is
$\begin{array}{ccc}\text{Particular}& \text{Weight(gm)}& \text{Specific Gravity}\\ \text{Aggregate}& 2000& 2.6\\ \text{Filler}& 300& 2.4\end{array}$

1. 5.505%
2. 8.505%
3. 6.505%
4. 10.505%