The two-column record used to accumulate monetary increases and decreases for individual assets, liabilities, stockholders' equity, revenue, expense, and dividends items is a(n)
A)Chart of accounts
B)T-account
C)Trial Balance
D)Posting

Question

Quizplus · Accepted Answer

The two-column record referred to in the question is a T-account. A chart of accounts is a list of all the accounts used by a company, a trial balance is a list of all the account balances at a point in time, and posting is the process of transferring journal entries to the appropriate accounts.

The Two-Column Record Used to Accumulate Monetary Increases and Decreases