The telephone bill for the current period is received and recorded, but payment will be made later. What effect does this transaction have on the accounting equation?

Generally accepted accounting principles are primarily formulated by:

A. the Securities and Exchange Commission B. the American institute of Certified Public Accountants C. The Financial Accounting Standards Board D. The Federal Reserve Board

The two primary personal financial statements include the personal balance sheet and a credit card payoff statement.

a. true b. false