Where records maintained are inadequate to facilitate the preparation of a trading and profit and loss accounts, this is described as
A. cost accounting B. bookkeeping C. incomplete records D. double entry
Correct Answer: C
Explanation
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.
