Arecord of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(

a. journal
b. posting
c. trial balance
d. accountthis answer is correct

An account is defined as a record of increases and decreases in a specific asset, liability, equity, revenue or expense item.

As per Accounting Conventions, every transaction must have two effects, and both the effects shall be provided in the respective accounts to ensure balance in the accounting equation.

Therefore the correct answer to the statement is D.

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d. account This answer is correct

Explanation:

There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.

The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account

Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount

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