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Methods of Accounting

Authored by AGALYA C

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University

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Methods of Accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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