Balance sheet accounts are arranged into ________ general categories.

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10-09-2017
Business

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Balance sheet accounts are arranged into ________ general categories.

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SeoJoon15 SeoJoon15 · Answer 1 · 2017-09-20T13:27:11+02:00

SeoJoon15 SeoJoon15

20-09-2017

They are arranged into three general categories as this is needed to be organized, well kept and divided as this is a way of making sure that the files are not mixed up and are properly arranged in order. In means of having to divide them into three categories that has specific labels.

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omotayoadekoya1 omotayoadekoya1 · Answer 2 · 2020-03-04T06:10:44+01:00

omotayoadekoya1 omotayoadekoya1

04-03-2020

Answer:

Three (3)

Explanation:

Balance sheet contains the assets (resources owned by the business), liabilities (obligations to 3rd parties) and owners' equity (obligation to owners).

These items are related as

Assets = liabilities + owners' equity

Hence Balance sheet accounts are arranged into 3 general categories namely Assets, Liabilities and Equity.

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