Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

Write the Word / Term / Phrase Which Can Substitute the Following Statement. - Book Keeping and Accountancy


Write the word / term / phrase which can substitute the following Statement.
Generally incompleted records are maintained by _____________


  •  trader

  •  company

  •  society

  • government

Advertisement Remove all ads


Generally incompleted records are maintained by trader.
Explanation: Incomplete records, i.e. records based on the lines of single-entry system, are usually maintained by a trader. Incomplete records may be due to 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 double-entry system, owing to the size of their business.

Concept: Preparation of Statements for Single Entry System
  Is there an error in this question or solution?
Advertisement Remove all ads


Advertisement Remove all ads
Advertisement Remove all ads

View all notifications

      Forgot password?
View in app×