Balance Sheet Accounts Are Also Called What
Balance Sheet Accounts are also called Permanent Accounts or Real Accounts as t hese accou nts are not closed and transferred to b ala nce s heet at the e nd of t he accou nting period. Bala nce s heet accou nts include Assets, Liab ilities a nd Owner’s Equity or Equity. All t he temporary accou nts (Expenses and Revenues are not included on b ala nce s heet accou nts. However, the differe nce b etwee n 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.