Conversion of Single Entry - SS2 Accounting Past Questions and Answers - page 1
1
What is double-entry accounting?
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A
A system where each transaction is recorded in one account only.
B
A system where each transaction is recorded in at least two accounts.
C
A system where each transaction is recorded in three accounts.
D
A system where each transaction is recorded in four accounts.
2
What is the purpose of double-entry accounting?
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A
To confuse business owners
B
To ensure the accuracy of financial records
C
To make financial statements look more impressive
D
To make it harder for auditors to find mistakes
3
In double-entry accounting, a financial transaction is recorded in the:
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A
One account only
Â
B
Two accounts only
C
Three accounts
D
Four accounts
4
What is the benefit of using double entry accounting?
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A
It saves time
B
It ensures the accuracy and completeness of financial records
C
It allows businesses to avoid paying taxes
D
It makes it easier to hide financial mistakes
5
What is the difference between simple entry and double entry accounting?
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6
Why is it important for businesses to use double-entry accounting?
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