Balance sheet accounts are grouped into:
A)Assets
B)Liabilities
C)Equity
D)Revenue

Question

Balance sheet accounts are grouped into: 
A)Assets
B)Liabilities
C)Equity
D)Revenue

Quizplus · Accepted Answer

Balance sheet accounts are typically divided into three categories: assets, liabilities, and equity. Assets are the resources owned by a company that have measurable value and are expected to provide future benefit to the company. Liabilities are the obligations owed by a company to others, such as debt or other financial obligations. Equity represents the residual value of a company's assets after creditors have been paid off. Revenue is not a balance sheet account; it is an income statement account that tracks the company's income over a period of time.

Balance Sheet Accounts Are Grouped Into