REVIEW QUESTIONS
ON THE SUBJECT OF
SINGLE ENTRY—COMPARATIVE STATEMENTS
1. What is the distinctive feature of single entry bookkeeping? In what respect does single entry fail to fulfil the functions of bookkeeping?
2. What books are usually used in single entry? How does the single entry cash book differ from that used in double entry?
3. In posting, what features distinguish single entry from double entry?
4. How can the accuracy of single entry books be proved?
5. To determine the profits of a business whose books are kept by single entry, what steps are necessary? What are the steps in closing single entry books?
6. On a certain date the assets and liabilities of Henry Lamson are as follows:
| ASSETS | |
| Cash | $452.00 |
| Due from sundry debtors | 77.20 |
| Merchandise per inventory | 764.50 |
| LIABILITIES | |
| Due sundry creditors | 142.00 |
The following transactions are recorded:
| Sales to sundry persons on account | $46.71 |
| Bought from sundry persons on account | 339.54 |
| Sales for cash | 96.90 |
| Received cash on account | 64.00 |
| Paid cash on account | 133.50 |
| Paid cash for rent | 37.50 |
| Paid cash for clerk hire | 8.00 |