What device is used to record the increases and decreases caused by business transactions to individual assets, liabilities, and owner's equity?
A) Chart of accounts
B) Account
C) Trial Balance
D) Footings

Question

Quizplus · Accepted Answer

A device used to record the increases and decreases caused by business transactions to individual assets, liabilities, and owner's equity is called an account. Choice A (Chart of accounts) is a list of all accounts used by a company, Choice C (Trial Balance) is a report that checks if the total debits and credits in the ledger are equal, and Choice D (Footings) refers to the totals at the end of a column in an accounting ledger.

What Device Is Used to Record the Increases and Decreases