S: 1. Besides earning a profit, what other objectives might a business have? How Accounting play an important role in these objectives? 2.A new manager of a retail company suggests that the company should prepare Statement of Profit or Loss on the basis of cash receipts and cash expenditures (excep the acquisition of fixed assets, such as plant and equipment). He argues that manag investors, creditors, and others are more interested in cash receipts and disbursem than in accrual-based accounting. Do you think he is correct? Explain. 3.The manager of your company told you to go out to the warehouse and ci merchandise inventory. He said that owner is coming for a meeting next week and manager wanted to put on a good show. He asked you to make the inventory highe counting the first and last row twice. The higher ending inventory will result in higher profit. What should you do