Need Correct Answers for The Following Question (Incorrect Questions Are )
Q1-1: Stewardship is an important concept because of:
Question options:
The separation of ownership from management
The need to increase shareholder wealth
The importance of the quality of decisions by small business owners
Q1-3: Financial statements are regulated by:
Question options:
Accounting standards and audit
Legislation, accounting standards and audit
The accounting profession
Q3-1a: The Income Statement comprises the following groups of accounts:
Question options:
Assets and Liabilities
Assets, Liabilities and Equity
Income and Expenses
Q3-3: Paying cash for a computer system for business use would affect the following types of account:
Question options:
Both assets and liabilities
Liabilities only
Assets only
Q3-4 to Q3-8: Use the following information to answer Questions 3-4 to 3-8 (12-16). Kochyo purchases an inventory of spare parts on credit from its suppliers for $15,000. During the month Kochyo pays its suppliers $10,000 and sells spare parts (which cost the business $8,000) to its customers on credit for $20,000. Customers pay Kochyo $12,000 during the month.
Q3-7: Profit increases by:
Question options:
$7,000
$8,000
$5,000
$2,000
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