Balance Sheet accounts are also called:
A)equity accounts
B)temporary accounts
C)permanent accounts
D)None of these

Question

Quizplus · Accepted Answer

Balance Sheet accounts are permanent accounts, which means they are not closed at the end of an accounting period. They include assets, liabilities, and equity and provide a snapshot of a company's financial position at a given point in time. Temporary accounts, on the other hand, are closed at the end of an accounting period and include revenue, expense, and dividend accounts. Equity accounts are a subset of Balance Sheet accounts and represent the residual interest in the assets of a company after deducting liabilities.

Balance Sheet Accounts Are Also Called