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

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.

Krishna Kumar · Accepted Answer

Final Answer : D, Explanation :  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 asset,liability,equity,revenue,or expense is known as a(n) :

A) Journal.
B) Posting.
C) Trial balance.
D) Account.
E) Chart of accounts.

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