Incomplete Records (Single Entry): Meaning/Definition - SS2 Accounting Past Questions and Answers - page 1
What are incomplete records accounting?
A system of accounting where all financial transactions are recorded
A system of accounting where only a few financial transactions are recorded
A system of accounting where all transactions are recorded except for cash transactions
A system of accounting used by large corporations only
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Which of the following is not tracked in single-entry bookkeeping?
Accounts payable
Accounts receivable
Inventory
Cash account
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Who typically uses single-entry bookkeeping?
Large corporations
Sole proprietors
Non-profit organizations
Government agencies
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What can be difficult to prepare with incomplete records?
Financial statements
Budgets
Marketing plans
Human resources reports
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Why is it important to keep accurate financial records?
To make the business look good
To make the tax authorities happy
To avoid financial losses and legal issues
To keep the employees motivated
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What is the primary disadvantage of incomplete records accounting?
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Who is most likely to use single-entry bookkeeping?
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