Question

The Balance Sheet is a nominal account. (State True or False)

Answer 1

False..

balance sheet not a ACCOUNT
is a Statement.

Answer 2

Answer:

No, the given statement is false as the balance sheet is not a nominal account.

Explanation:

The balance sheet is not an account but a statement which contains the summary of personal and real accounts.

It is defined as a statement having all the records of a company's capital and property and also how much has been received and paid out.

It is helpful in providing a base for computing rates of Return and also evaluating the capital structure of a company or business.