alleryStart learning →Incomplete records are generally maintained by:
AA small sized sole trader business
BA public limited company
CA multinational enterprise firm
DA government department
Answer & Solution
Correct answer: A. A small sized sole trader business
1. Only concerns that have no legal obligation to maintain books under the double entry system may keep incomplete records.
2. The textbook states that these may therefore be maintained by small sized sole traders and partnership firms.
3. Companies in India must maintain accounts under the double entry system, so they are excluded.
4. Government departments and multinational enterprises are likewise bound by statutory accounting requirements.
_Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.3_
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