An individual accounting record for a speciﬁc asset, liability or shareholders' equity item is called an account.

Name: An individual accounting record for a speciﬁc asset, liability or shareholders' equity item is called an account.
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This statement is true. An account is a record that tracks the activity of a specific asset, liability, or shareholders' equity item. It contains all transactions related to that item and helps in the preparation of financial statements.

An Individual Accounting Record for a Speciﬁc Asset, Liability or Shareholders