Please assist on answering the questions below

QUESTION 6 The best definition of assets is the.......... 1. Cash owned by the business. 2. Collections of resources belonging to the business and the claims on these resources. 3. Resources belonging to a business that have future benefit to the business. 4. Owners' investment in the business. Question 7 The fundamental qualitative characteristics of useful financial information are: 1. Comparability, relevance and faithful representation 2. Comparability and relevance 3. Relevance and reliability 4. Relevance and faithful representation Question 8 The objective of general purpose financial reporting as described in the Conceptual Framework is to: 1. Meet the information needs of an entity's stakeholders. 2. Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity. 3. Support the entity on matters relating to tax return and compliance thereto. 4. Provide information to regulators. Question 9 The purpose of the Conceptual Framework is: 1. To assist preparers of financial statements to develop consistent accounting policies in instances when there is a Standard applicable to a particular transaction or other event, or when a Standard allows a choice of accounting policies. 2. To establish a framework that can override any specific requirement of International Financial Reporting Standard. 3. To assist the International Accounting Standards Board to develop International Financial Reporting Standards. 4. To assist accountants to understand and interpret International Financial Reporting Standards. Question 10 The right to receive money in the future is called ....... 1. Account payable 2. Revenue 3. Liability 4. Account receivable