State whether the following are true or false. If false, explain why.

(a) Assets and liabilities show how much the business owns and owes.

(b) The income statement shows the income, expenses and thus the net assets of a business.

(c) Stewardship is now recognized as the primary objective of financial accounting.

(d) When running a small business the owner must be careful to separate business from private expenditure.

(e) The matching and prudence accounting concepts sometimes conflict.