What is meant by “Accounting from Incomplete Records”? Mention any

1.	What is meant by “Accounting from Incomplete Records”? Mention any two characteristics of it.
Answer» Accounting records which are not prepared in accordance with the principles of double entry are known as ‘incomplete records’ following are the two characteristics of ‘Accounting from incomplete records’ 1. Maintenance of personal accounts only – Under this system, only personal accounts are prepared in the books and the real and nominal accounts are ignored 2. Maintenance of Cash book – A cash book is maintained under the system, which usually mixes up business as well as private transactions of the proprietor.

What is meant by “Accounting from Incomplete Records”? Mention any two characteristics of it.

Answer»

Accounting records which are not prepared in accordance with the principles of double entry are known as ‘incomplete records’ following are the two characteristics of ‘Accounting from incomplete records’

1. Maintenance of personal accounts only – Under this system, only personal accounts are prepared in the books and the real and nominal accounts are ignored

2. Maintenance of Cash book – A cash book is maintained under the system, which usually mixes up business as well as private transactions of the proprietor.

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