Income Statement and Balance Sheet Accounts Form teams of two persons each. Each person should make a list of 10 account names, with approximately one-half being income statement accounts and one-half being balance sheet accounts. Give the list to the other member of the team, who is to write beside each account name the financial statement (I for income statement or B for balance sheet) on which it belongs. If there are errors or disagreements in classification, discuss the account and come to an agreement about which financial statement it belongs to.