Please provide the solution for these accounting questions including multiple choice and transactions.

Here's the solution to your accounting questions:

Multiple Choice Question:
Which accounting principle requires businesses to record expenses and liabilities as soon as they are incurred, regardless of when cash is exchanged?

The correct option is D. Accrual Principle.
The Accrual Principle dictates that revenues and expenses should be recognized when they are earned or incurred, respectively, regardless of when cash is received or paid.

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QUESTION ONE

a. Debit and Credit for each transaction:

• (i) Sam-Mensah commenced business with Cash at bank GH¢8,000, Cash in hand GH¢500 and Premises valued GH¢10,000.

  • Debit: Bank GH¢8,000
  • Debit: Cash GH¢500
  • Debit: Premises GH¢10,000
  • Credit: Capital GH¢18,500

• (ii) Purchased a set of furniture for GH¢1,100 on credit from Kpogas Ltd.

  • Debit: Furniture GH¢1,100
  • Credit: Kpogas Ltd GH¢1,100

• (iii) Bought goods for resale paying by cheque GH¢4,500.

  • Debit: Purchases GH¢4,500
  • Credit: Bank GH¢4,500

• (iv) Paid half the amount due to Kpogas, by cheque.

  • Debit: Kpogas Ltd GH¢550 (GH¢1,100 / 2)
  • Credit: Bank GH¢550

• (v) Sold goods for cheque GH¢1,800.

  • Debit: Bank GH¢1,800
  • Credit: Sales GH¢1,800

b. Draft the Bank Account:

\begin{array}{l|l|r||l|l|r} \multicolumn{6}{c}{Bank Account} \\ \hline Date & Particulars & GH¢ & Date & Particulars & GH¢ \\ \hline 2023 & Capital & 8,000 & 2023 & Purchases & 4,500 \\ & Sales & 1,800 & & Kpogas Ltd & 550 \\ \cline{3-3} & & 9,800 & & Balance c/d & 4,750 \\ \cline