Where records maintained are inadequate to facilitate the preparation of a trading and profit and…

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: Option 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.

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