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7. Some transactions are described below for an owner-manager of a health resort. Based on situations described below, place yes if it is business transactions or no if it is not and classify by using the letters of the following business activities: A) Financing B) Investing C) Operating Example 1) Yes, A Mr. Masikap is the owner of a piece of property situated in Tagaytay. He retired last March and decided to put up a health resort complete with man-made lake. From his pension of P6,000,000 he decided to: (1) Invest P5,000,000 in the business (2) Deposit the rest in his personal account (3) Use his personal property as collateral and applied for a business loan from BDO for P5,000,000 (4) Use the money to construct a building for the resort, P8,000,000 (5) Buy P2,000,000 worth of furniture, fixtures, and equipment (6) Collect P1,200,000 cash as sales revenue (7) Pay P700,000 for salaries, utilities and maintenance of the resort (8) Pay the bank and still have a P200,000 reserve for the resort For the last number, how much will he pay the bank? 8. There are five basic principles in an Accounting Information System: Control, Comparability, Relevance, Cost-Benefit, and Flexibility. Identify what principle is described in the following statements: a. The system must provide timely information so the information will be useful in making decisions b. The system must fit the firm's unique features and culture c. The system must be able to monitor all activities with the view of ensuring that operation is efficient and according to company's plans and policies. d. The system must make allowances for changes in order that it would be able to appropriately respond to advances in technology and to competitive demands of its clients and customers. e. The cost of installing and maintaining the system must be justified, that is, it must not outweigh the advantages of implementing it