A business's record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as a(n):
A) Posting.
B) Trial balance.
C) Chart of accounts.
D) Journal.
E) Account.

Question

Quizplus · Accepted Answer

A business's record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as an account. The other options are related accounting terms but do not match the given definition as closely as "account" does.

A Business's Record of the Increases and Decreases in a Specific