1. Mr. V owns V's Violins, a company which sells violins. He hires you as an accountant.

a) Name 3 people or groups of people who would care about his financial statements. (3K)

b) What are 2 reasons Mr. V would care that he has accurate accounting information for his business? (2T)

c) Mr. V uses $600 from his personal bank account (instead of the business account) to pay for rent for the business and did not record it in the business' accounting. Explain why this is wrong and what he should have done. (2T