GIME 2020-202 Section A - Single choice questions (each question has four suggested answers and you should choose one answer for each question and write your answers in the answer sheet on the first page: 4 marks per question, total 40 marks) 1. What is the balance on the following account on 20 Nov 2018? 2018 MP-F. Bell 2018 100 Nov 2 Purchases 360 16 Purchases 509 Nov 5 Cash 10 Returns 27 Bank 40 450 A. A debit balance of C729 B. A debit balance of 279 C. A debe balance of 220 D. A credit balance of 729 2. Which of the following should not be called "Sales? A. Office fixtures sold B. Goods sold on time C. Goods sold for cash D. Sale of item previously included in "Purchases 3. Which of the following transaction would not affect both sides of the accounting equation? A. Paid off the amount owing to suppliers by cheque B. Withdrew cash from the business bank account C. Got a loan from L.Dry and deposited it into bank accou D. Bought equipment on time GIME 2020-2025) 4. Given the following, what is the amount of Capita Assets: Premises 20,000: Inventory 8.500 Cash 100 Loan to B Adams E4,000. Liabilities: Accounts payable 3,000. A. 32,000 C. 35.000 5. Which of the following are incorrect? Sold van for cash Retumed some of Office Account to be debited Cash Account to be credited Van Office tools AP-Suppliers L tools to Suppliers Lid Services are provided AR-A. Smith Sales on time to A. Seth