Balance Sheet Account


Also found in: Acronyms.

Balance Sheet Account

Any account owned by a company that is not closed out over the course of a year. Examples of balance sheet accounts include accounts payable and accounts receivable. A balance sheet account contrasts with an income account, which is closed out because it was paid in full. Balance sheet accounts are listed on a balance sheet.
References in periodicals archive ?
Balance sheet account reconciliations are one of the oldest and most important accounting processes.
95 also provided rules for reporting cash receipts and payments at gross or as a net change in related balance sheet account balances.
Accelerating balance sheet account reconciliation via automation offers a key way to detect and correct any errors before filing.
For example, eliminate the need to require detailed attachments for "other" balance sheet accounts on Schedule F.
Because trend analysis focuses on the change in account balances from prior periods, it is not as useful with balance sheet accounts which are relatively unpredictable.
And while IAS 1 provides guidelines on balance sheet preparation and presentation, it doesn't provide guidance on the valuation of balance sheet accounts.
Relationships involving income statement accounts tend to be more predictable than those involving balance sheet accounts since the former represent transactions over a period of time; balance sheet accounts represent amounts at a point in time.
Balance sheet accounts are segregated from income statement accounts, and column headings are financial statement title--"balance sheet" and "income statement.
DGSE disclosed that its former Chief Financial Officer engaged in improper accounting of inventory and other balance sheet accounts.
There is an extensive collection of both audit programs and other practice aids covering virtually all income statement and balance sheet accounts.
It is then divided into four parts: calculating deferred tax liabilities when there are only credit temporary differences; calculating deferred tax assets when there are only debit temporary differences; calculating deferred tax balance sheet accounts when there are debit and credit temporary differences and tax planning strategies.
The Finance team at Novelis has instant visibility globally into the status of the reconciliation process for all of the company's balance sheet accounts.