Concept:Incomplete records refer to a situation where a business does not maintain full double-entry bookkeeping, leaving its financial records inadequate for preparing final accounts.
Explanation:When a business does not keep complete and proper books of account under the double-entry system, its records are described as incomplete.
In such a case, a trading and profit and loss account cannot be prepared directly from the available records.
The business may instead use a single-entry system or an informal method of recording.
This means the accountant must estimate missing figures using additional information.
Cost accounting is a separate branch that records costs, not incomplete records.
Bookkeeping is the routine recording of transactions and generally assumes adequate records.
Double entry is a complete system where every transaction is recorded with a debit and credit.
Therefore, the situation described in the question is specifically known as incomplete records.
Answer:C. incomplete records