Balance Sheet Accounts Are Called__________ Accounts Because They Carry Their

question 125

Short Answer

Balance sheet accounts are called__________ accounts because they carry their balances to the next accounting period, and are not closed as long as the company continues to own the asset, owe the liability and have equity.

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Definitions:

Predict

The ability to foretell or forecast future events based on current data or observations.

Control

The power to influence or regulate people, events, or processes.

Critical Thinking

The process of actively and skillfully conceptualizing, analyzing, synthesizing, and evaluating information to reach an informed conclusion.

Open Mind

A willingness to consider new ideas and perspectives without prejudice.