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

Question

Quizplus · Accepted Answer

A record of the increases and decreases in a specific item such as an asset, liability, equity, revenue, or expense is called an account. The other options are related to accounting concepts, but they do not refer specifically to a record of changes in a specific account.

A Record of the Increases and Decreases in a Specific