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 ?
A common approach to this is "risk ranking" balance sheet accounts with a designation of high, medium, or low.
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.
More than 90 per cent of companies still manually reconcile their balance sheet accounts and most of them use Microsoft Excel spreadsheets.
At period end, senior management instructed accounting personnel to make unsupported journal entries to increase revenue or reduce expense with the offsetting entries to 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.
Like in the capital account for the nonfinancial corporate sector, these flows are included in the net lending or net borrowing discrepancy in the "other changes in volume" account to maintain consistency between the change in net worth and the balance sheet accounts for the government sectors.
Technology should increase its emphasis on monitoring significant balance sheet accounts for smaller companies.
In March, the group suspended the financial controller of its major US subsidiary, Sunbelt, 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.
Next, it explains accounting issues unique to merchandisers, followed by several chapters focusing on specific balance sheet accounts and accounting principles.