What are the possible reasons for keeping incomplete records?
The possible reasons for keeping incomplete records are:
1. Simple method: Proprietors, who do not have the
proper knowledge of accounting principles, find it much
convenient and easier to maintain their business records under
2. Less time consuming: Maintaining books according to the
single entry system is less time consuming, as only few books are
to be maintained. Further, the books are not as
comprehensive as they are under double entry system.
3. Less expensive: It is an economical mode of maintaining
records, as there is no need to appoint specialised
4. Flexible: Owner may record transactions as per his/her
own needs. It can be easily adjusted or changed whenever needed.
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