Question

Generally incomplete records are maintained by the __________

(a) trader
(b) company
(c) society
(d) government

Answer 1

Generally, incomplete records are maintained by the trader.

 

Explanation: Incomplete records, i.e. records based on the lines of the single-entry system, are usually maintained by a trader. Incomplete records may be due to a partial recording of transactions, as is the case with small shopkeepers such as grocers and vendors. Companies, societies and governments are required to maintain accounts based on a double-entry system, owing to the size of their business.