Question

What is a single entry and incomplete record?

Answer 1

A single entry system records each bookkeeping exchange with a single entry section to the bookkeeping records, as opposed to the more normal double-entry system.

In this case, a firm keeps up with just the cash account and the records of the debt holders account and the creditors account appropriately and it doesn’t keep up with the records of costs, wages, resources, and liabilities accounts, respectively. In simple terms, it records only one aspect of the accounts. Thus, as the data given by these records are inadequate, they are known as Incomplete Records.

Also see: Accounts From Incomplete Records