A record of the increases and decreases in a specific asset,liability,equity,revenue,or expense is known as 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 asset, liability, equity, revenue, or expense is known as an account. A journal is a chronological record of all transactions. Posting is the process of transferring information from the journal to the accounts. A trial balance is a list of all accounts and their balances at a specific point in time. A chart of accounts lists all accounts used by a company.

A Record of the Increases and Decreases in a Specific