Need Correct Answers for The Following Question (Incorrect Questions AreUnderlined)Q1-1: Stewardship is an important concept because of:Question options:The separation of ownership from managementThe need to increase shareholder wealthThe importance of the quality of decisions by small business ownersThe need to recognize the importance of all stakeholdersQ1-3: Financial statements are regulated by:Question options:Legislation and accounting standardsAccounting standards and auditLegislation, accounting standards and auditThe accounting professionQ3-1a: The Income Statement comprises the following groups of accounts:Question options:Assets and LiabilitiesIncome, Expenses and EquityAssets, Liabilities and EquityIncome and ExpensesQ3-3: Paying cash for a computer system for business use would affect the following types of account:Question options:Both assets and liabilitiesLiabilities onlyAssets onlyBoth assets and expensesQ3-4 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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