Asked by itzel torres on Jun 05, 2024

verifed

Verified

An account is an individual accounting record of increases and decreases in specific

A) liabilities.
B) assets.
C) expenses.
D) assets liabilities and owner's equity items.

Accounting Record

A documented transaction or financial event that is used in the process of accounting.

Owner's Equity

Owner's equity represents the owner's claim on the assets of a business, calculated as the business's assets minus its liabilities.

Assets Liabilities

Assets are resources owned by a business that have economic value, while liabilities are obligations of a business to transfer resources to another entity in the future.

  • Determine the properties and standard balances associated with different types of accounts, including assets, liabilities, owner’s equity, revenues, and expenses.
verifed

Verified Answer

HA
hawra alkhawajaJun 09, 2024
Final Answer :
D
Explanation :
An account is a record of changes in specific assets, liabilities, and owner's equity items. It tracks increases and decreases in these items over time. So, the best choice is D.