A reason a business is not able to keep full set of accounting records is...
FINANCIAL
WAEC 2023
A reason a business is not able to keep full set of accounting records is that
- A. the business does not make profit
- B. double entry is expensive to maintain
- C. the business is not a trading concern
- D. double entry shows the true profit
Correct Answer: B. double entry is expensive to maintain
Explanation
The double entry system is comparatively an expensive way of maintaining the financial accounts. The accountants may charge a handsome amount as fees. Maintaining incomplete records consumes less time.
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