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) ledge
C) trial balance
D) account
E) chart of accounts

Question

Quizplus · Accepted Answer

An account is a specific location within an accounting system where increases and decreases in a particular asset, liability, or equity item are recorded and stored. Journals are used to record individual transactions, ledgers are a collection of accounts, trial balances are a summary of the balances of all accounts. The chart of accounts is a list of all accounts used by a particular business or organization.

A Place or Location Within an Accounting System in Which