M1 OAE Correction

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