A place or location within an accounting system in which the increases and decreases in a specific asset,liability,or equity item is recorded and stored is called a(n):
A) Journal.
B) Ledger.
C) Trial balance.
D) Account.
E) Chart of accounts.

Question

Quizplus · Accepted Answer

A specific location within an accounting system where increases and decreases in a particular asset, liability, or equity item are recorded and stored is called an account. Journal is a record of initial accounting entries. Ledger is a collection of related accounts. Trial balance is a list of all the accounts in the ledger with their respective debit or credit balances. Chart of accounts is a list of all accounts used by an organization. Therefore, the correct answer is D, Account.

A Place or Location Within an Accounting System in Which