1 .Which of the following statements regarding the double-entry system is incorrect?

a. An increased in asset means a credit entry assets account.

b. A decreased in liability means a debit entry in the liability accounts.

c .A decreased in non-current assets means a credit entry in assets account.

d. An decreased in drawings means debit entry in drawing/withdrawals account

2.If assets increased by 100,000 and liabilities decreased by 30,000, ower's equity must?

a. Increase by 130,000

b. Remain unchanged

c. increased by 100,000

d. increased by 70,000

3.On December 1 2017. Jun and Rey formed a partnership agreeing to share for profits and losses in the ratio of 2:3, respectively. Jun invested a parcel of land that cost him 25,000, Rey invested 30,000 cash. The land was sold for 50,000 on the same date, three hours after formation of the partnership. How much should be the capital balanced of Jun right after formation?

a. 30,000

b. 25,000

c. 55,000

d. 50,000

4.Partners Nhel and Rey have a capital balances of 65,000 and 45,000 respectively. They decided to admit Vic into their partnership who shall give an equipment having a cost of 70,000, accumulated depreciation of 25,000 and fair value of 50,000, for a 30% interest in the partnership. How much is the capital of Nhel right after the admission?

a. 57,500

b. 57,750

c. 55,000

d. 50,000