Generally incomplete records are maintained by ____________.

Trader

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Company

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Society

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Government

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Solution

The correct option is C Trader
As Profit or loss under single entry system is ascertained by the difference between Closing and Opening Capitals it make convenient for small traders to follow single entry system due to following features:
a) Hassle free
b) no need for maintaining books of accounts
c) special knowledge of double entry system is not required.

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Similar questions

In incomplete records, the information and records maintained are:

What practical difficulties are encountered by a trader due to incompleteness of accounting records?

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