Question

Incomplete records system is unscientific, incomplete, inaccurate and unsystematic”. Explain​ OR PLEASE TELL ME THAT WHERE CAN I FIND THIS TOPIC IN IGNOU BOOK I MEAN WHICH CHAPTER...

Answer 1

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Meaning of Incomplete Records:

Accounting records not strictly based on principles of double entry system but based on incomplete records and mere memory is known as accounting from incomplete records. Single entry is a misnomer, as no such system exists for recording transaction in accounting. Actually, accounting from incomplete records is a mixed system of recording business transactions in which some transactions are recorded as per double entry system and for certain transactions only a single entry is made in the books of accounts.

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