QUESTION 3 You are planning to open a Restaurant on 1st July 2022. Your purpose is to earn a profit and you organise this business as a proprietorship. Required: 1. Make a detailed list of at least TEN (10) factors you must consider to establish this business. (10 marks) 2. Discuss how you will evaluate the success of your business and how you will decide whether to continue its operation. (5 marks) QUESTION 4 As the Financial Controller, you have been negotiating with several banks, but each has asked to see your 2021 financial statements, which will be dated December 31. These statements will, of course, be audited. You are now meeting with other Department Managers to discuss the situation, and the following suggestions have been made: 1. "We are planning to buy Omega Software Co, for RM9 million cash in December. The owners of Omega are in no hurry; if we delay this acquisition until January, we will have RM9 million more cash at year-end. That should make us look a lot more solvent." 2. "At year end, we will owe accounts payable of about RM20 million. If we were to show this liability in our balance sheet at half that amount - say, RM10 million - no one would know the difference. We could report the other RM10 million as stockholders' equity and our financial position would appear much stronger." 3. "We owe Punctual Programming RM6 million, due in 60 days. I know some people at Punctual. If we were to sign a note and pay them 12 percent interest, they would let us postpone this debt for a year or more." 4. "We owe land that cost us RM3 million but today is worth at least RM7 million. Let's show it at RM7 million in our balance sheet, and that will increase our total assets and our stockholders' equity by RM4 million." Required: Separately evaluate each of these four proposals to improve Virtual Software's financial statements. Your evaluations should consider ethical and legal issues as well as accounting issues. (15 marks)