Balance Sheet Accounts Are Also Called

question 26

Multiple Choice

Balance Sheet accounts are also called:

• A)equity accounts
• B)temporary accounts
• C)permanent accounts
• D)None of these

---

Definitions:

Enforceable

Capable of being imposed or carried out by law.

Warranties of Assignability

Guarantees that rights or interests can be transferred from one party to another in a contract or agreement.

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Misrepresentations

False statements or lies that induce someone into entering a contract or agreement.