M1 OAE Correction

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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