Majority of the candidates attempted this question and their performance was good in answer to 3(a).  The expected answers include:

3. (a) (i)         Cash book
   (ii)        Sales/Debtor’s ledger
  (iii)       Purchase/Creditor’s ledger
(iv)        Nominal/General Ledger

(b)        Disadvantages of incomplete records

-    Cost is increased when accounts are prepared from incomplete records;
   -           It leads to arbitrary income tax assessment;
    -           Business will find it difficult to determine profits or losses for
accounting periods;

  -           It may lead to fraudulent activities;
-           It is difficult to obtain accurate information since the records
are not complete;
     -           It makes it difficult to check the arithmetical accuracy of
transactions;
   -           It makes it difficult for firms to access credit facilities;
  -           A lot of time is spent finding missing information;
    -           It is difficult to ascertain the financial position of the business.

(c)        Single entry is a system of bookkeeping which does not conform to the basic principles of double entry.