Incomplete records can,with some additional information,be converted into an income statement and statement of financial position

Question

Quizplus · Accepted Answer

With additional information such as bank statements, sales invoices, purchase receipts, and other documents, it is possible to reconstruct the missing data and create an accurate income statement and statement of financial position. However, it may not be possible to achieve complete accuracy without all of the original records.

Incomplete Records Can,with Some Additional Information,be Converted into an Income