What is the two-column record used to accumulate monetary increases and decreases for individual assets,liabilities,shareholders' equity,revenue,expenses,and dividends items?

Question

Quizplus · Accepted Answer

The two-column record used to accumulate monetary increases and decreases for individual assets, liabilities, shareholders' equity, revenue, expenses, and dividends items is called a T-account. The account resembles the letter "T," with the debit entries listed on the left side and the credit entries listed on the right side. Therefore, option B, T-account is the correct answer. A chart of accounts is a list of all the accounts used by a company, a trial balance is a report that lists the balances of all the accounts in the general ledger at a specific point in time, and posting is the process of transferring journal entry information to the ledger accounts.

What Is the Two-Column Record Used to Accumulate Monetary Increases