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1. During 202l, sur company purchased Land for OMR 20,000. The current market value of the Land is OMPR 25,000 . Using the historical cost priaciple, at what amount should the Land be reported in is a) OMR20,000 b) OMRR20,00 4) 2. The personal expenses of Mr. Ali, the owner of the business, is kept separate from the expenses of the business. This practice is to comply with the accounting assumption of, a) Business entity b) Going concern c) Monetary unit d) Verifiable and objective 3. Mr. Naseer decide to start a app Development Company that named as Softbyte. On September 1,2020 , he invested OMR 20,000 cash in the business. This transaction results in ; a) Decrease in Assets by OMR 20, 000 increase equity by OMR 20, 000 . b) Increase in Assets by OMR 20, 000 decrease Revenue by OMR 20, 000 . c) Decrease in Assets by OMR 20, 000 and equity by OMR 20, 000 . d) Decrease in Assets by OMR 20, 000 and equity by OMR 20, 000 . 4. Ibra Delivery Company provided service for OMR 1,000 cash. As a result of this event, a) Assets increase and equity increase b) Assets decrease and equity increase c) Assets increase and equity decrease d) Assets decrease and equity decrease