QUESTION 1 Accounting Concepts (9 Marks) A wealthy landowner stood on the deck of his mansion and cast his eye over the vast land of his estate. The lack of rain was a worry for many farmers in the area. Pondering the situation, he realised that farmers would soon need something to feed their animals. He summoned his son. They needed to plant crops that grew quickly and could be eaten by animals. The landlord put his son in charge of the new business venture which he named 'Red Maize'. The landlord provided his son with a tractor worth $52,000, 50 hectares of land worth $450,000 and a plough worth $2,000. He also gave him enough cash to purchase 75 sacks of maize seed. Required a. What is the financial name given for what the owner contributes to a business? (1) b. Why would an accountant need to know what the dollar worth of the 75 sacks of maize seed was at the time the landlord put his son in charge of this venture? Your answer should refer to an accounting concept and the reason why this concept is important. (1) c. How would the Accounting Entity concept relate to the Red Maize venture? Your answer should explain the concept using Red Maize as an example. (1)