Balance sheet accounts: a) represent amounts accumulated during a specific period of time b) are called real accounts c) have zero balances after the closing entries have been posted d) are not affected by adjustments.

Question

Dayton Werner

Business

19 January, 12:19

Balance sheet accounts: a) represent amounts accumulated during a specific period of time b) are called real accounts c) have zero balances after the closing entries have been posted d) are not affected by adjustments.

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Answers (1)

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Jon Molina · Answer 1

b) are called real accounts

Explanation:

Real accounts are those accounts which are not closed at year end as like other accounts, their balances are carried forward to another period.

All the balance sheet accounts are real accounts as they do not close at year end, as there balances are carried forward to next period, whether they are assets long term or short term or whether they are liabilities, long term or short term or equity.

Thus correct option is

b) are called real accounts