An accounting tool used to record increases and decreases in individual Assets, Liabilities, Capital, Revenue, Expenses, and Owner's Drawing is a(n):
A) chart of accounts.
B) account.
C) trial balance.
D) footing.

Question

Quizplus · Accepted Answer

An account is the basic storage unit in accounting, used to record and track the increases and decreases in each financial statement element, such as assets, liabilities, equity, revenue, expenses, and owner's drawings.

An Accounting Tool Used to Record Increases and Decreases in Individual