Features of Single Entry - SS2 Accounting Past Questions and Answers - page 1
What is the key feature of a single entry?
Each transaction is recorded twice
Each transaction is recorded only once
Each transaction is recorded as debit and credit
None of the above
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What type of businesses is single entry suitable for?
Small businesses with a low volume of transaction
Large businesses with a high volume of transactions
Businesses of any size
None of the above
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What is the major limitation of a single entry?
It is too complex
It provides too much information
It is incomplete
None of the above
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What is the level of knowledge required to maintain a single entry?
Extensive knowledge of accounting principles
Basic knowledge of accounting principles
No knowledge of accounting principles
None of the above
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Which of the following financial statements cannot be prepared from a single entry?
Balance Sheet
Income Statement
Cash Flow Statement
All of the above
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Is single entry suitable for large businesses with a high volume of transactions?
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What is the advantage of using single entry for small businesses?
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