Company ABC buys a RM90,000.00 machine on credit. This transection will effect

Select One income statement only balance sheet only income statement and retained earnings statement only income statement, retained earnings statement and balance sheet

Which accounts normaly have Debit balance

Select One assets, expenses, and revenue assets, expenses, and retained earnings assets, Liabilities, and dividends assets, expenses, and dividends

Debts

Select One increases Assets and Liabilities Decreases Assets and Liabilities increases Assets and Decreases Liabilities Decreases Assets and increases Liabilities

Generaly Accepeted accounting Princiles(GAAP) are ...

A set of Standards and rules that are recognized as general guide for financial reporting

Usually established by the inland revenue service

the guideline used to resolve Ethical Dilemmas

Fundamental truths that can be divided from the lows of nature

A lager :

Contains only assets and liability accounts

should show accounts in alphabetical order

is a collection of entire group of accounts maintained by company

provide a chronological record of transactions