Asked by Justice Johnson on May 02, 2024
Verified
Balance sheet accounts are not considered real accounts.
Balance Sheet Accounts
These are the financial accounts that appear on the balance sheet, including assets, liabilities, and equity accounts, representing the financial position of a company at a specific point in time.
- Specify the type and nature of different balance sheet and income statement accounts.
Verified Answer
AI
Ashley IknerMay 06, 2024
Final Answer :
False
Explanation :
Balance sheet accounts are considered real accounts as they represent actual assets, liabilities, and equity of a company. Real accounts are those accounts that represent tangible assets, such as cash, inventory, property, and equipment, and intangible assets, such as patents and trademarks.
Learning Objectives
- Specify the type and nature of different balance sheet and income statement accounts.
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