For an incomplete record to provide necessary information; it must be converted to?

A. double entry
B. single entry
C. complete records
D. statement of affairs

Correct Answer:

Option B – single entry

Explanation

The Conversion Method of Single Entry System is a more scientific way of preparation of Final Accounts from Incomplete Records. It is also called the Transaction Approach. It does not furnish necessary accounting information. … is a better approach for preparing accounts from incomplete records of transactions.