The following statements relate to the nature and function of accounting: (a) All liabilities payable within one year must be recorded as current liabilities. (b) Management accounting deals with the reporting of the financial achievements of an entity as a whole. (c) An accounting entity is an independent existing economic unit, and the financial transactions must be dealt with separately from those of any other unit. (d) Financial information is only used by enterprises intending to maximise profits. Which option reflects the statements that are correct? 1. (a), (b) and (c) 2. (a) and (c) 3. (b) and (c) 4. (b), (c) and (d) 5. (b) and (d)