Need Correct Answers for The Following Question (Incorrect Questions Are Underlined ) 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 The need to recognize the importance of   all stakeholders Q1-3 : Financial statements are regulated by: Question options: Legislation and accounting standards 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 Income, Expenses and Equity 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 Both assets and expenses 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 $12,000 $5,000 $2,000

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