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.

Question

Quizplus · Accepted Answer

Wages expense affects accrued expenses and liabilities on the balance sheet, as wages that are incurred but not yet paid are recorded as liabilities.

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