Item$5$

$0\mathrm{.}5$points

Time Remaining $50$ minutes $26$ seconds

$00$:$50$:$26$

Item $5$

Time Remaining $50$ minutes $26$ seconds

$00$:$50$:$26$

Which of the following statements is true?

Multiple Choice

Period costs affect only the balance sheet

Product costs affect only the balance sheet

Neither product costs nor period costs affect the Statement of Retained Earnings. This can also be a true statement if the period costs were prepaid $($i$.$e$.,$ prepaid advertising, depreciation$)$