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

Specific Asset

A particular identified asset, often marked for a specific use or project within a company's balance sheet.

Account

A record within financial bookkeeping that tracks financial transactions of a specific nature.

Revenue

The total earnings from goods or services sold, stemming from a company's main operational activities.

Uncover the distinguishing features and management tactics for dissimilar account categories, comprising assets, liabilities, equity, revenues, and expenses.

Verified Answer

Final Answer :

True

Explanation :

This is the definition of an account in accounting terminology.

Learning Objectives

Uncover the distinguishing features and management tactics for dissimilar account categories, comprising assets, liabilities, equity, revenues, and expenses.