Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 4)
Which of the following is NOT a common characteristic of small businesses that often rely on incomplete records?
Limited resources and expertise for bookkeeping.
The owner's focus on detailed accounting practices.
Simple transaction volumes.
Lack of incentives to invest in formal record-keeping.
Explanation
Owners of small businesses usually don't have enough time or inclination to dedicate to bookkeeping.
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