Question

What are the advantages of an incomplete records system?

Answer 1

Some of the advantages of the incomplete records system are as follows:

1. It is simple and time-saving.
2. More cost-effective than the double-entry system.
3. No rules and principles need to be followed
4. The mechanism is highly flexible.

Also read:

• Accounts From Incomplete Records
• Marshalling of Assets and Liabilities
• Accounting MCQs
• What Is the Balance Sheet Equation
• Balance Sheet Vs Consolidated Balance Sheet

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