Assets normally show credit balances. Debit balances. Debit and credit balances. Debit or credit balances. Which of the following statements is not true? Expenses increases owner's equity. Expenses have normal debit balances. Expenses decrease owner's equity. Expenses are a negative factor in the computation of net income. Which of the following are in accordance with generally accepted accounting principles? Accrual basis accounting Cash basis accounting Both accrual basis and cash basis accounting Neither accrual basis nor cash basis accounting The matching Principle matches customers with businesses. expenses with revenues. assets with liabilities. creditors with businesses. Under accrual-basis accounting cash must be received before revenue is recognized. net income is calculated by matching cash outflows against cash inflows. events that change a company's financial statements are recognized in the period they occur rather than in the period in whic