An individual record of increases and decreases in specific assets, liabilities, and stockholders' equity is called:
A) An account
B) A normal balance
C) A general ledger
D) A trial balance
E) None of the above

Question

Quizplus · Accepted Answer

An account is a record that keeps track of increases and decreases in specific financial statement items such as assets, liabilities, and stockholders' equity.

An Individual Record of Increases and Decreases in Specific Assets