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

question 22

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 cost of goods sold income statement account.

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

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Definitions:

Blood Volume

The total amount of blood circulating within an individual's vascular system.

Postglomerular Blood

Blood that has passed through the glomeruli of the kidneys, where filtration of blood takes place.

Protein Reabsorption

The process, particularly within the kidneys, by which proteins filtered by the glomerulus are reabsorbed back into the bloodstream from the kidney tubules.