Equity account types are listed in order of permanence in a classified balance sheet.
What is balance sheet?
A balance sheet is a summary of the financial positions of a person or an organization in financial accounting, regardless of whether they are a sole proprietorship, a business partnership, a corporation, a private limited company, or another type of organization like the government or a not-for-profit entity.
Therefore,
Equity account types are listed in order of permanence in a classified balance sheet.
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