Single-shot ultrafast absorbance spectroscopy based on the frequency encoding of the kinetics is analyzed theoretically and implemented experimentally. The kinetics are sampled in the frequency domain using linearly chirped, amplified 33 fs FWHM pulses derived from a Ti:sapphire laser. A variable length grating pair compressor is used to achieve the time resolution of 500-1000 channels per a 2-to-160 ps window with sensitivity > 5x10 -4 . In terms of the acquisition time, FDSS has an advantage over the pump-probe spectroscopy in a situation when the "noise" is dominated by amplitude variations of the signal, due to the pump and flow instabilities. The possibilities of FDSS are illustrated with the kinetics obtained in multiphoton ionization of water and aqueous iodide and one-photon excitation of polycrystalline ZnSe and thin-film amorphous Si:H. Unlike other "single-shot" techniques, FDSS can be implemented for fluid samples flowing in a high-speed jet and for thin solid samples that exhibit interference fringes; no a priori knowledge of the excitation profile of the pump across the beam is needed.Another advantage is that due to the interference of quasimonochromatic components of the chirped probe pulse, an oscillation pattern near the origin of the FDSS kinetics emerges. This pattern is unique and can be used to determine the complex dielectric function of the photogenerated species.