Balance Sheet Accounts Are Also Called What

 

Balance Sheet Accounts are also called Permanent Accounts or Real Accounts as these accounts are not closed and transferred to balance sheet at the end of the accounting period.

Balance sheet accounts include Assets, Liabilities and Owner’s Equity or Equity. All the temporary accounts (Expenses and Revenues are not included on balance sheet accounts.

However, the difference between revenues and expenses i.e., net Income or net Profit is added and net Loss and dividend is deducted from owner’s equity or equity account in order to calculate ending equity.