Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________. Group of answer choices chart of accounts balance sheet trial balance account

Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________. Group of answer choices chart of accounts balance sheet trial balance account

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Description: Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________.Group of answer choiceschart of accountsbalance sheettrial balanceaccount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________.

Group of answer choices

chart of accounts

balance sheet

trial balance

account

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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