NECO Accounting 2023 Objective — Question 37

Question 37 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.

A reason a business is not able to keep a full set of accounting records is that (a) the business does not make profit (b) it is not a trading concern (c) double entry shows the true profit (d) double entry is expensive to maintain

A. the business does not make profit
B. it is not a trading concern
C. double entry shows the true profit
D. double entry is expensive to maintainCorrect

Explanation

Small businesses often cannot maintain a full double entry system because it is comparatively expensive to run and maintain.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2023 Objective More Accounting past papers