Which One Of The Following Accounts Will Not Appear In A Balance Sheet?
a.) Temporary account.
b.) Permanent account.
c.) Asset account.
d.) Owners’ equity account.
The Balance Sheet
The balance sheet is part of the financial statements an entity prepares to report on its financial performance for a particular period. The balance sheet is prepared to determine the solvency and liquidity position of a business.
It is important to know which elements are posted to each of the financial statements and also to understand various accounting terms. The accounting equation guides the preparation of a balance sheet.