Balance sheet account

A balance sheet account can be classified as either an asset, liability, or equity account. These accounts are not flushed out at the end of a reporting year; instead, they carry balances forward from year to year. Given this characteristic, balance sheet accounts are known as permanent accounts. The following are examples of balance sheet accounts:

Asset Accounts

  • Cash
  • Marketable securities
  • Accounts receivable
  • Inventory
  • Fixed assets
  • Other assets

Liability Accounts

  • Accounts payable
  • Accrued expenses
  • Taxes payable
  • Pension payable
  • Short-term debt
  • Long-term debt
  • Other liabilities

Equity Accounts

  • Common stock
  • Preferred stock
  • Additional paid-in capital
  • Retained earnings