Select the income statement account(s)that would be affected by a policy choice at the same time as the goodwill balance sheet account.

Question

Quizplus · Accepted Answer

Goodwill is subjected to annual impairment testing, and the amortization expense account is used to amortize the goodwill's cost over its useful life. Therefore, if a policy choice affects the goodwill balance sheet account, it may also affect the amortization expense account.

Select the Income Statement Account(s)that Would Be Affected by a Policy