passwella.
Menu

JAMB Principles of Accounts 1999 Question 18

Question 18

Incomplete Records

The main features of the single system are that

  1. A.books of accounts are not maintained and business relies only on bank statement
  2. B.the journal records are absent and only the main ledger is kept
  3. C.there are incomplete classifications and recording procedures
  4. D.only credit sales transactions and credit purchases are recorded.
Show the answer and explanation

Answer: C (there are incomplete classifications and recording procedures)

Explanation

Single entry keeps only some records (usually cash book and personal accounts), so classification and recording are incomplete.