x 1. General-purpose financial statements are the product of Select one: a. managerial accounting b. financial accounting c. both financial and managerial accounting. d. neither financial nor managerial accounting 2. The accountant for X CO is preparing the income statement and the statement of financial position at the end of the year. The Closing balance, of the inventory will appear? Select one a. only as an asset on the statement of financial position b. as a deduction in the cost of goods sold section of the income statement and as a current asset on the statement of financial postion c. only in the cost of goods sold section of the income statement as an addition in the cost of goods sold section of the income statement and as a current asset on the statement of financial position