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WAEC Financial Accounting 2023 Question 37

Question 37

Incomplete Records

A reason a business is not able to keep full set of accounting records is that

  1. A.the business does not make profit.
  2. B.the business is not a trading concern.
  3. C.double entry shows the true profit.
  4. D.double entry is expensive to maintain.
Show the answer and explanation

Answer: D (double entry is expensive to maintain.)

Explanation

Small traders often avoid double entry because it costs money and skill to keep.