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1 . Briefly explain and discuss the following: a . Incomplete record in accounting b . Causes of incomplete records c . Weaknesses of incomplete

1.Briefly explain and discuss the following:

a. Incomplete record in accounting

b. Causes of incomplete records

c. Weaknesses of incomplete record

d. Solving the problem of incomplete records using

iComparison Method

iiAnalysis Method


2.Briefly explain and discuss the following:

a. The accounting differences between a manufacturing firm and a trading firm?

b. The production cost concept (i) Fixed Cost and (ii) Variable Cost

c. The costs in manufacturing activities are (i) Raw material cost (ii) Labour Cost, (iii) 

Direct Expenses, and (iv) Overhead Cost.

d. The format of the manufacturing account for (i) Raw Material Calculation (ii) Labour Cost Calculation (iii) Cost of finished goods


3.Briefly explain and discuss nonprofit organizations as follows:

a. Ownership and management structure

b. Fundraising, liability, and financial record keeping

c. Capital and revenue items

d. Income Expenditure Account

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Answer a An incomplete record in accounting refers to a situation where essential financial transactions are not fully recorded leading to gaps or missing information in the financial statements b Cau... blur-text-image

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