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Question
What are the possible reasons for keeping incomplete records?
Solution
Following are the possible for keeping incomplete records:
1. They are easy to maintain: The maintenance of such books f account does not require specialization and thus they can be maintained in a convenient and easy manner.
2. They can prove to be economical for the business: Business can save their cost of hiring special accountants and this proves to be a much more economical than the practice of maintaining.
3. Theyconsume lss time and energy: Maintenance of double-entry system of accounting can prove to give the rise in the complexities of the business and hence it may prepare incomplete records which are easy to maintain.
4. They can meet the customized need of the business: The business may maintain the books of account as per his/her customized needs and demands of the business and hence the maintenance of the incomplete records offer him/her the flexibility of maintaining the books of account as per the custom needs of the business.
