All off-balance-sheet items will eventually move on to the balance sheet at some point in time.

True

False

Expert Solution

The statement is false.

All the business transaction fall under 4 broad categories.

Asset, liability, revenue, expense

Asset and liability will be shown on the balance sheet, these accounts are permanent account, and all the revenue, expense accounts are recorded on income statement and are temporary account, these accounts get closed at the end of accounting period.

jeff jeffy answered 2 years ago

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