What type of account is asset account?

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2026-03-29 08:25

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An asset account is a "balance sheet" account. That is, when financial reports are created, the balances in asset accounts are reported on the balance sheet*, together with the balances in liability accounts and shareholders' equity accounts, and not on the income statement (which reports only revenues and expenses for the period of time ending on the balance sheet date.)

*Another name for the balance sheet is the Statement of Financial Position.

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