6. IFRS are determined by the a. Internal Accounting Standards Body b. International Accounting Studies Board. c. Intenational Accounting Standards Board. d. International Auditors' Standards Body. 7. An account is a part of the financial information system and is described by all except which one of the following? a. An account has a debit and credit side. b. An account is a source document. c. An account may be part of a manual or a computerized accounting system. d. An account has a title. 8. The right side of an account a. is the correct side. b. reflects all transactions for the accounting period. c. shows all the balances of the accounts in the system. d. is the credit side. 9. The time period assumption states that a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 10. Which of the following is in accordance with IFRS? a. Accrual basis accounting b. Cash basis accounting c. Both accrual basis and cash basis accounting d. Neither accrual basis nor cash basis accounting i) Prepare the necessary journal entries on the books of DENIM Carpet Company to record . DENIM the following transactions, assuming a perpetual inventory system is used purchased the goods from DBA Company. (3 marks) (a) DENIM purchased $45,000 of merchandise from DBA Company on account, terms 2/1 (b) DENIM returned $4,000 of damaged merchandise for credit. (e) DENIM paid for the merchandise purchased within 10 days n/30