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Which of the following transactions are false regarding Accounting from Incomplete records system
  • a)
    Some financial events are not recorded at all
  • b)
    Two aspects of all transactions are recorded
  • c)
    Original vouchers provide base for preparing the accounts
  • d)
    Accounting Principles and Accounting Standards are not followed properly under this system.
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Which of the following transactions are false regarding Accounting fro...
Utkarash b answer is absolutely incorrect because it is related to double entry systems which is used in complete records. in complete accounting there are two aspects.Hope u understand. if not then reply
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Which of the following transactions are false regarding Accounting fro...

The false transaction regarding Accounting from Incomplete records system is B: Two aspects of all transactions are recorded.
Explanation:
- Some financial events are not recorded at all: In an incomplete records system, it is possible that certain financial events are not recorded due to incomplete or missing information. This can lead to gaps in the records and make it difficult to accurately determine the financial position of the business.
- Original vouchers provide base for preparing the accounts: Original vouchers such as invoices, receipts, and bank statements are still used as a basis for preparing the accounts in an incomplete records system. These vouchers serve as evidence of the financial transactions and help in reconstructing the accounts.
- Accounting Principles and Accounting Standards are not followed properly under this system: One of the limitations of an incomplete records system is that it may not adhere to the accounting principles and standards followed in a complete double-entry system. This can result in inconsistencies and inaccuracies in the financial statements.
- Two aspects of all transactions are recorded: This statement is false. In an incomplete records system, only one aspect of each transaction is recorded, usually the cash aspect. The non-cash aspect of the transaction is often not recorded, leading to an incomplete representation of the financial transactions.
Therefore, the false transaction regarding Accounting from Incomplete records system is B: Two aspects of all transactions are recorded.
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Read the following hypothetical Case Study and answer the given questions:The financial statements, comprising the Trading A/c, Profit & Loss Account, Balance Sheet and Cash Flow Statement, that are prepared from the accounting information are published for the use by different entities, persons, etc. It is therefore essential that the published information is based on defined principles, concrete concepts and conventions. Accounting principles are the basic guidelines that provide standards for accounting practices and procedures to be followed, so that uniformity in accounting transactions is maintained. Accounting concepts are the assumptions on the basis of which financial statements are prepared. Accounting conventions emerge out of the accounting practices that have been followed by various organizations, over a period of time. The generally accepted accounting principles are generally accepted accounting standards. The concepts on the basis of which the financial statements are prepared and are agreed upon by the accountants, acting as a foundation for accounting are called accounting concepts. They are uniform set of rules for uniformity and understandability of accounting information. They are derived from experience. They are not static. It needs to satisfy relevance, objectivity and feasibility. The going concern concept assumes that the enterprise has neither any intention nor any necessity to close the business and will last for a long time. It enables the firms to enter into long term contracts. It enables for the charge or depreciation on assets which have fixed life. Due to this concept prepaid expenses are treated as assets. It helps in the classification of assets and liabilities. According to Consistency concept, the accounting principles and methods should be consistent. It should not vary every year. It enables to compare the financial stability of the business. There needs to be consistency in valuation of stock, depreciation and provisions, to enable better decision making by the management. It doesn’t mean that the accounting methods should not change, but the nature and effect and the reason for change should be stated.What are Accounting Principles also called?

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Which of the following transactions are false regarding Accounting from Incomplete records systema)Some financial events are not recorded at allb)Two aspects of all transactions are recordedc)Original vouchers provide base for preparing the accountsd)Accounting Principles and Accounting Standards are not followed properly under this system.Correct answer is option 'B'. Can you explain this answer?
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