Question

Balance sheet is an account agree or disagree

Answer 1

Answer:

Balance sheet accounts are used to sort and store transactions involving a company's assets, liabilities, and owner's or stockholders' equity. ... Balance sheet accounts are also referred to as permanent or real accounts because at the end of the accounting year the balances in these accounts are not closed.

Answer 2

The given statement is false.

The balance sheet is not an account.

• The reasons why the balance sheet is not an account are:-
• It is created by accountants as a financial statement to depict the financial condition of the business.
• Any business owns a certain number of assets and liabilities.
• Assets are the property or money belonging to the business and liabilities are the loans taken by the business.

• The balance sheet is crucial for understanding the financial position of the company.

• Hence, the balance sheet is not an account but a financial statement.
• Hence, the given statement is false.