What Is An Incomplete Account

Open in App

Solution

When a business maintains a single entry accounting record, then it is called an incomplete account. Any account that is not prepared in the double-entry system is an incomplete account.

Also see:

Accounting MCQs

MCQs on Management Accounting

Suggest Corrections

Similar questions

Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

Q. The loss incurred on an incomplete contract is transferred to _________ account.

What is a statement of financial position produced from incomplete accounting record known as?

Q. Which preparing accounts from incomplete records, the amount of credit sales is determined by?

Q. Profit as per accounts from incomplete records may be constructed as equivalent of _____________.

Join BYJU'S Learning Program

What Is An Incomplete Account

When a business maintains a single entry accounting record, then it is called an incomplete account. Any account that is not prepared in the double-entry system is an incomplete account. Also see: Accounting MCQs MCQs on Management Accounting

When a business maintains a single entry accounting record, then it is called an incomplete account. Any account that is not prepared in the double-entry system is an incomplete account.

Also see:

Accounting MCQs

MCQs on Management Accounting