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16 November, 10:39

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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  1. 16 November, 14:30
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    Answer: The correct answer is A. an account.

    Explanation: Journal records transactions that have taken place in a particular ledger at a particular period/date and it can be used to correct the ledger balance or mispostings.

    A ledger consists of the various accounts of an organization, the changes/movement in those accounts as journals are processed including their balances.

    A trial balance consists a list of all the accounts, ledger codes and their balances at a particular time period and the total of all the accounts must be zero in a trial balance.

    Although all the four elements: account, journal, ledger and trial balance are all interwoven and have to operate in unison, the definition in the question is for account. An account gives you detailed changes in all the elements of the financial statements.
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