Double Entry

The Single Entry System is an "informal" bookkeeping system.
1. True
2. False
A Check Book is an example of a Single Entry System.
1. True
2. False
The Single Entry System has built in "checks and balances".
1. True
2. False
The Double Entry System records each transaction in at least two places (accounts).
1. True
2. False
The Single Entry System focuses on the Balance Sheet and Income Statement.
1. True
2. False
The Single Entry System uses debits and credits to record transactions.
1. True
2. False