Do the terms$$debit$$and$$credit$$signify an increase or decrease, or can they signify either? Explain.

Assume that Muscular Consulting erroneously recorded the payment of $$7,500$ of dividends as a debit to Salary Expense. $($a$)$ How would this error affect the equality of the trial balance? $($b$)$ How would this error affect the income statement, statement of stockholders$$ equity, and balance sheet?

How are revenues and expenses reported on the income statement under $($a$)$ the cash basis of accounting and $($b$)$ the accrual basis of accounting?

Is the matching concept related to $($a$)$ the cash basis of accounting or $($b$)$ the accrual basis of accounting?

What types of accounts are referred to as temporary accounts? $($a$)$ What is the most important output of the accounting cycle? $($b$)$ Do all companies have an accounting cycle? Explain