Features of Incomplete Records
Trending Questions
Which of the following is a limitation of incomplete records system?
The accuracy of accounts cannot be ensured.
Correct ascertainment and evaluation of the financial result of business operations cannot be made
All of the above
A trial balance cannot be prepared
Incomplete records system is
Complete
Systematic
All of the above
Unsystematic
In incomplete records, the information and records maintained are:
Complete and scientific system
Incomplete and scientific
None of these
Incomplete and unscientific
Which of the following is not a feature of the incomplete system?
The profit or loss for the year cannot be ascertained with a high degree of accuracy
Personal transactions of owners may also be recorded in the cash book
The balance sheet reflects the complete and true position
None of the above
Which one of the following statement is correct?
No proper information regarding revenue, expenses, assets and liabilities is maintained in incomplete records.
The proper information regarding revenue, expenses, assets and liabilities is maintained in incomplete records.
No proper information regarding revenue and expenses is maintained, but correct information regarding assets and liabilities are maintained in incomplete records.
The proper information regarding revenue and expenses is maintained, but no proper information regarding assets and liabilities are maintained in incomplete records.
The profit or loss for the year can be ascertained with a high degree of accuracy under which of the following system?
Cash system
None of the above
Incomplete records system
Double entry system
Which of the following is correct about incomplete records?
Frauds cannot be easily committed under incomplete records system
None of the above
Incomplete records system is complete and scientific system
The balance sheet does not reflect the complete and true position
Analysis of profitability, liquidity and solvency of the business can be done under incomplete records system.
True
False
- complete
- incomplete
- scientific
- unscientific
ParticularWeight(gm)Specific GravityAggregate20002.6Filler3002.4
- 5.505%
- 8.505%
- 6.505%
- 10.505%