Balance sheet accounts are grouped into which of the following categories?
A)Revenue
B)Assets
C)Liabilities
D)Equity
E)Expenses

Question

Quizplus · Accepted Answer

Balance sheet accounts are grouped into three main categories: assets (such as cash, inventory, and property), liabilities (such as loans and accounts payable), and equity (such as common stock and retained earnings). Revenue and expenses are not part of the balance sheet, as they are reflected on the income statement.

Balance Sheet Accounts Are Grouped into Which of the Following