The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called a. an account. b. a journal. c. a ledger. d. a trial balance .

Question

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Answer 1

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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What is an account and how is it related to the ledger?

Answer 2

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 3

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 4

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

Answer 8

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer 12

Answer to Problem 1QC

(a) an account.

Answer 13

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Answer 14

Conclusion

Hence, the correct option is (a).

Answer 15

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The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called a. an account. b. a journal. c. a ledger. d. a trial balance .

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Answer to Problem 1QC

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