All Of The Following Are Balance Sheet Accounts Except - Solved With Explanation

All Of The Following Are Balance Sheet Accounts Except:

The correct answer is (a) "Revenue Accounts", as Revenue Accounts (also Expense Accounts) are Income Statement Accounts and closed to Income Summary Account and these are zero-out at the end of the current accounting period.

Assets Accounts, Liability Accounts and Owners’ Equity Accounts are Permanent Accounts or Balance Sheet Accounts as these are not closed or zeroed-out at the end of the accounting period.