An accounting device used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and withdrawals is a(n)
A) chart of accounts.
B) account.
C) trial balance.
D) footing.

Question

Quizplus · Accepted Answer

An account is an accounting device used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and withdrawals. A chart of accounts is a list of all the accounts used by a business, a trial balance is a report that lists all the accounts and their balances at a specific point in time, and footing refers to adding up the numbers in a column or row.

An Accounting Device Used to Record Increases and Decreases in Individual