• 1 Marks

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

In preparing a set of final accounts from incomplete records, which of the following information need NOT be considered?

A. Business structure
B. Accounting and business equations
C. Credit sales and trade receivables
D. Purchases, inventory, and the cost of sales
E. Stolen goods, goods destroyed, or goods taken by the owner of the business

A. Business structure

Explanation:
When preparing accounts from incomplete records, information about the business structure is not required. The focus is on financial transactions and adjustments needed to construct the financial statements, such as sales, purchases, inventory, and expenses.

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