Companies must make choices about which accrual accounting policies to use to record the effects of business transactions. The accrual accounting policies chosen usually affect both the balance sheet and the income statement. When a company purchases a new capital asset (i.e., long-lived property, plant and equipment such as land, buildings, equipment, machinery), a depreciation policy choice would have an impact on which one of the following balance sheet accounts? cash land and buildings long term debt accumulated depreciation