An account is an individual accounting record of increases and decreases in specific
A) liabilities.
B) assets.
C) expenses.
D) assets, liabilities, and stockholders' equity items.

Question

Quizplus · Accepted Answer

An account is a record of increases and decreases in specific items of assets, liabilities, and stockholders' equity. It tracks the changes in these items over time and is used in financial reporting and analysis. Therefore, the correct choice is D, as it includes all three categories of items that are tracked in accounting.

An Account Is an Individual Accounting Record of Increases and Decreases