Single Entry Disadvantages/Limitations - SS2 Accounting Past Questions and Answers - page 1
What type of information does a single entry system provide?
Complete information about financial transactions
Limited information about financial transactions
Detailed analysis of financial transactions
None of the above
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What is the risk associated with a single entry system?
Risk of errors and fraud
Risk of bankruptcy
Risk of overpaying taxes
None of the above
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What is the scalability of a single entry system?
Suitable for businesses with a high volume of transactions
Suitable for businesses with a low volume of transactions
Suitable for businesses of any size
None of the above
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What is the main disadvantage of a single entry system?
It provides too much information
It is too accurate
It does not provide enough information for financial analysis
None of the above
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Is a single entry system widely accepted by external stakeholders?
Yes, it is widely accepted
No, it is not widely accepted
It depends on the type of business
None of the above
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What is the risk associated with a single entry system?
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Is a single-entry system suitable for businesses with a high volume of transactions?
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