Balance Sheet Account

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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 ?
As a result of postings arise note the 4-position, where the first couple of postings concerns the registration accounts and other balance sheet accounts for transactions RB.
It was then that the team found some inconsistencies and unusual increases in certain balance sheet accounts.
Opportunities exist to catch errors and fraud by reconciling non-balance sheet accounts in addition to reconciling balance sheet accounts.
Chapters discuss essential macroeconomic aggregates, distinguishing between volume and price increases, international comparisons, production data, defining final uses of gross domestic product, the household account, business accounts, the financial and balance sheet accounts, the general government account, the input- output table and integrated economic accounts, and the machinery of data compilation and reporting.
Regardless of the cost and effort involved in the reconciliation process, no other internal control is as capable of identifying misstatements in balance sheet accounts.
In March, the group suspended Sunbelt's financial controller after his admission that he had failed to reconcile properly certain balance sheet accounts.
For example, eliminate the need to require detailed attachments for "other" balance sheet accounts on Schedule F.
Briefly, this checklist requires that all subledgers be balanced, that bank accounts be reconciled and that the client provide reconciled listings and analysis of all balance sheet accounts, including accounts receivable, inventories, fixed assets, accounts payable and long-term debt.
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.
According to the Complaint, the Form 8-K accused the Company's then "former Chief Financial Officer" of engaging in improper accounting of inventory and other balance sheet accounts which caused the restatement.
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.