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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Students have asked these similar questions

128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

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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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