Most Accounting Policy Choices Affect Both the Income Statement and the Balance

question 39

Multiple Choice

Most accounting policy choices affect both the income statement and the balance sheet.Select the balance sheet account(s) that would be affected by a policy choice at the same time as the wages expense income statement account.

• A) accounts receivable
• B) inventories
• C) prepaid expenses,accrued expenses and liabilities
• D) property,plant and equipment; intangible and leased assets.

---

Definitions:

Amide

An organic compound characterized by a carbonyl group (C=O) attached to a nitrogen atom.

Primary Amines

Organic compounds characterized by the presence of a \(NH_2\) group attached to a primary carbon atom, one that is only bonded to one other carbon.

Diazonium Salt

A class of organic compounds containing a nitrogen double bonded to a nitrogen atom which is also bonded to a benzene ring, significant in synthetic organic chemistry.

Nitrile

Organic compounds containing the cyano group (-C≡N), noted for their use in the production of rubber, resins, and pharmaceuticals.