please answer all the questions 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 leaking 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. 54 Which of the following statements regarding a trial balance is incorrect? (1 Point) A trial balance is a test of the equality of the debit and credit balances in the ledger. A trial balance is a list of all the open accounts in the ledger with their balances as of a given date. A trial balance proves that no errors of any kind have been made in the accounts during the accounting period. An unadjusted trial balance is prepared after posting of entries to the ledger. 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. Net effect on Liabilites: * In (1 Point) Assets Liabilities Owner's Eau 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.) He 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. 2.) He bought office equipment from Squid Co. for Php 125,000 on credit. f.) He paid half of the account due to Squid Co. A He took home Php 5.000 cash for his own use. 125,000 62,500 (62,500) 187,500