Please solve 20 minutes

(All questions are of equal value. Answer all the questions) Q. 1 Sumaiya spent much of her childhood learning the art of cookie-making from her grandmother. They passed many happy hours mastering every type of cookie imaginable and later creating new recipes that were both healthy and delicious. Now at the start of her second year in university, Sumaiya is investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend insists that Sumaiya has to somehow include cookies in her business plan. After a series of brainstorming sessions, Sumaiya settles on the idea of operating a cookie making school. She will start on a part-time basis and offer her services in people's homes. Now that she has started thinking about it, the possibilities seem endless. During the fall, she will concentrate on holiday cookies. She will offer individual lessons and group sessions (which will probably be more entertainment than education for the participants). Sumaiya also decides to include friends in her target market. The first difficult decision is coming up with the perfect name for her business. In the end, she settles on "Cookie Creations" and then moves on to more important issues. Required: (1) Will Sumaiya need accounting information? If yes, what information will she need and why? How often will she need this information? Present your answer with suitable examples. (2) Identify specific asset, liability, and equity accounts that Cookie Creations will likely use to record its business transactions. (3) Should Sumaiya open a separate bank account for the business? Why or why not? Explain