Which of the following is not a feature of the incomplete system?

The profit or loss for the year cannot be ascertained with a high degree of accuracy

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The balance sheet reflects the complete and true position

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Personal transactions of owners may also be recorded in the cash book

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None of the above

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Solution

The correct option is B
The balance sheet reflects the complete and true position

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

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Similar questions

The profit or loss for the year can be ascertained with a high degree of accuracy under which of the following system?

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash.

25, 000

25, 000

25, 000

25, 000

25, 000

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