What are the two objectives of accounting for income taxes

Wednesday, August 23, 2017 ACC 210 Ch. 2 Class - T-Accounts record a transaction with the debit on the left side and the credit on the right - Every transaction will affect at least two accounts and will keep the accounting equation in balance • If assets increase then liabilities or stockholder’s equity must increase by the same amount • For every transaction figure out which two accounts are affected by the transaction and whether they are being increased or decreased, then make sure the accounting equation is still in balance - When common stock is sold, assets (Cash) increase and stockholder’s equity (Common stock) increase - When money is borrowed from the bank, assets (Cash) increase and liabilities (Notes payable) incre