Accounting
2007-08-17 11:06:27 · 5 answers · asked by ur_wonderwall21 1 in Business & Finance ➔ Corporations
To add, balance sheet accounts are called real accounts. While income statement accounts are call nominal accounts.
Only nominal accounts are closed.
2007-08-20 14:04:26 · answer #1 · answered by Richie M 2 · 0⤊ 0⤋
LF Guy has it most correct . . . all income statement accounts are closed to retained earnings - a balance sheet account - on an annual basis. The Income Statement covers a period of time while the balance sheet is a snap-shot of a company's financial position at any given point in time. You would never "close" a balance sheet account.
2007-08-17 17:02:36 · answer #2 · answered by djvcpa 2 · 0⤊ 0⤋
Sounds false to me. The Income statement accounts would be closed. Not the balance sheet.
2007-08-17 11:12:31 · answer #3 · answered by Uncle Pennybags 7 · 2⤊ 0⤋
False
2007-08-17 11:10:11 · answer #4 · answered by Buff 3 · 0⤊ 0⤋
false false True (?) True True False False False Possibly, haven't heard that one Haven't thefoggiest. Do we get marks out of ten?
2016-05-21 22:49:43 · answer #5 · answered by valerie 3 · 0⤊ 0⤋