Which of the following systems uses only one account for each transaction?

Methods of Accounting

Quiz
•
Arts
•
University
•
Hard
AGALYA C
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Single entry system
Double entry system
Both a and b
None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following systems uses two accounts for each transaction?
Single entry system
Double entry system
Both a and b
None of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of the single entry system?
It does not provide a complete picture of the financial health of the business.
It is more complex than the double entry system.
It is more time-consuming than the double entry system.
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of the double entry system?
It requires more time to maintain than the single entry system.
It is more prone to errors than the single entry system.
It is more complex than the single entry system.
None of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a transaction recorded in both the cash and accounts payable accounts in the double entry system?
Purchase of inventory on credit
Sale of inventory for cash
Payment of rent in cash
None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which system, a trial balance is not prepared?
Single entry system
Double entry system
Both a and b
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double entry system, which account is credited when a business receives cash from customers?
Cash account
Accounts receivable account
Sales account
None of the above
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