Question

Best definition of accounting of incomplete record

Answer 1

Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system, to maintain a reduced amount of information about its financial results. Under a single-entry system, it is possible to maintain a cash-basis income statement, but not a balance sheet.

It is also possible that the managers of a business intend to maintain a double-entry bookkeeping system, but the underlying accounting records are incomplete. There are many reasons for this situation

Answer 2

Answer:

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