Which of the following is correct about incomplete records?

Incomplete records system is complete and scientific system

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The balance sheet does not reflect the complete and true position

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Frauds cannot be easily committed under incomplete records system

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None of the above

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Solution

The correct option is B
The balance sheet does not reflect the complete and true position

The balance sheet does not reflect the complete and true position.

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Similar questions

Analysis of profitability, liquidity and solvency of the business can be done under incomplete records system.

Which of the following is a limitation of incomplete records system?

211

Incomplete records system is _________ method of maintaining records.

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