"Balance Sheet is not an account but a statement." Justify this statement.

For the statement — The Balance Sheet is indeed a statement and not an account.

Justification:

1. No debit and credit sides — A Balance Sheet does not have debit and credit sides. Instead, it has a "Liabilities" side and an "Assets" side. An account, by definition, must have debit and credit columns.
2. No "To" and "By" prefixes — Items in the Balance Sheet are not preceded by "To" or "By" as in ledger accounts. They are simply listed under their respective sides.
3. No transferring of balances — Unlike accounts, balances are not transferred from a Balance Sheet at the year-end. The closing balances of the Balance Sheet become the opening balances for the next year.
4. Purpose — The Balance Sheet does not record transactions or compute results; rather, it lists assets, liabilities and capital to depict the financial position on a particular date.