Balance sheet accounts are of three basic types, asset, liability and:
A) income.
B) equity.
C) expense.
D) bank.

Question

Quizplus · Accepted Answer

The three basic types of balance sheet accounts are asset, liability, and equity. While income and expenses are important parts of a company's financial statements, they are not considered balance sheet accounts. Similarly, while banks may hold and manage a company's accounts, they are not a type of balance sheet account.

Balance Sheet Accounts Are of Three Basic Types, Asset, Liability