Balance sheet accounts are considered to be
A) temporary stockholders' equity accounts.
B) permanent accounts.
C) equity accounts.
D) nominal accounts.

Question

Quizplus · Accepted Answer

Balance sheet accounts are permanent accounts because they track the financial position of a business at a specific point in time, including assets, liabilities, and equity. These accounts carry forward their balances from one accounting period to the next and are not closed out like temporary accounts.

Balance Sheet Accounts Are Considered to Be