1. Generally accepted accounting principles are a. income tax regulations of the

1. Generally accepted accounting principles are a. income tax regulations of the Internala. Revenue Service.b. standards that indicate how to report economic events.c. theories that are based on physical laws of the universe.d. principles that have been proven correct by academic researchers.2. Which one of the following is not a part of an accounta. Credit sideb. Trial balancec. Debit sided. Title3. Creditsa. decrease both assets and liabilities.b. decrease assets and increase liabilities.c. increase both assets and liabilities.d. increase assets and decrease liabilities.4. A debit to an asset account indicates aa. an error. b. a credit was made to a liability account.c. a decrease in the asset.d. an increase in the asset.