Features of Single Entry - SS2 Accounting Past Questions and Answers - page 1
1
What is the key feature of a single entry?
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A
Each transaction is recorded twice
B
Each transaction is recorded only once
C
Each transaction is recorded as debit and credit
D
None of the above
2
What type of businesses is single entry suitable for?
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A
Small businesses with a low volume of transaction
B
Large businesses with a high volume of transactions
C
Businesses of any size
D
None of the above
3
What is the major limitation of a single entry?
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A
It is too complex
B
It provides too much information
C
It is incomplete
D
None of the above
4
What is the level of knowledge required to maintain a single entry?
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A
Extensive knowledge of accounting principles
B
Basic knowledge of accounting principles
C
No knowledge of accounting principles
D
None of the above
5
Which of the following financial statements cannot be prepared from a single entry?
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A
Balance Sheet
B
Income Statement
C
Cash Flow Statement
D
All of the above
6
Is single entry suitable for large businesses with a high volume of transactions?
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7
What is the advantage of using single entry for small businesses?
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