Old MathJax webview

please answer all the questions immediately thankyou

please answer all the questions needed choose the correct answer

53 Which of the following statement is incorrect? (1 Point) Ethics is a set of moral principles and values which guides one to distinguish between right and wrong and to conduct oneself accordingly. Independence requires you to keep from leaking out information obtained in the course of the professional engagement from le: king out. Integrity is a highly professional characteristic that requires you to be honest, sound, sincere, and trustworthy. Competence requires you to have adequate knowledge, skills and experience in the practice of your profession. 55 Which of the following transactions will increase the owner's equity? (1 Point) Withdrawal of inventory for personal use Payment of rent during the period. Service rendered to the client on account basis Collection from a client to apply on his open balance. 156 Net effect on Liabilites: *- (1 Point) Assets Liabilities Owners Equity Transactions a.) Mr. MKPS received a retirement pat of Php 3,000,000 cash and invested half of this to put up his business.. b.) From the remaining pension of Php. 500,000, he got a car for his own use. Php 750,000 and issued a note for the balance, c.) Re hired a cook, a cashier and a server for a monthly salary of Php 5,000 each worker. d. He bought cooking equipment and paid Php 350,000. e.) He bought office equipment from Squid Co. for Php 125,000 on credit. f.) He paid half of the account due to Squid Co. He took home Pho 5.000 cash for his own use. 125,000 62,500 (62,500) 187,500 On October 1, 2021, Mugunghwa Kkochi Pieot Seumnida (MKPS) Company paid P100,000 to lease the entire building for 5 months. The accountant immediately recorded this transaction as Dr: Prepaid Rent and Cr: Cash on that date. If the accountant fails to record the appropriate adjustment at year-end (Dec. 31, 2021), financial statements for 2021 will result to: (1 Point) Assets - understated by P40,000 Assets - overstated by P60,000 Owner's Equity - overstated by P40,000 Liability - understated by P60,000