CHOICES 3 marks: % marks each) MULTIPLE Circle the correet ansner to each question 1. The temporary account balances ultimately wind up in what account? a. Income Summary b. Retained Eamings e. Share Capital-Ordinary d. Comprehensive Income. 2. An account will have a credit balance if the: a. credits exceed the debits b. first transaction entered was a credit c. debits exceed the credits d. last transaction entered was a credit. 3. IFRS are determined by the: a. Internal Accounting Standards Body b. International Accounting Studies Board. c. International Accounting Standards Board. d. International Auditors' Standards Body. 4. 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. 5. 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 6. Which of the following accounts does not have a normal credit balance? a. Share Capital-Ordinary b. Revenue account c. Liability account d. Dividends