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Question

Why do Businesses have incomplete records?


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Solution

The proprietor may keep the accounting records on the basis of a single entry due to the following reasons:

  • It is more convenient to maintain records as per the single entry system.
  • Maintaining incomplete records consumes less time.
  • The double entry system is comparatively an expensive way of maintaining financial accounts.
  • The proprietor has no knowledge or lack of knowledge about the accounting principles and concepts.
  • The accountants may charge a handsome amount as fees.

Also see: Accounts From Incomplete Records


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