The detailed record of the changes in a particular asset, liability, or owner’s equity is called Learning Objective 1 a. an account. b. a journal. c. a ledger. d. a trial balance .
The detailed record of the changes in a particular asset, liability, or owner’s equity is called Learning Objective 1 a. an account. b. a journal. c. a ledger. d. a trial balance.
Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.
Expert Solution & Answer
To determine
Concept Introduction
Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.
Liability: Liabilities are obligations or payable by the company.
Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.
To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.
Answer: An account.
Explanation of Solution
The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.
An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.
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Per given item (A to P), Identify if it is under Financial Perspective, Customer Perspective, Learning Perspective or Internal Perspective
For which type of learning outcomes would be the essay test be least useful?A. Understanding of accounting principlesB. Thinking skillsC. Organization of ideasD. Knowledge of factsE. Application of accounting principles
Learning Case #1
Chapter 1
Identify each of the following accounts by their element and which financial statement they show up on. Elements are Assets (A), Liabilities (L), Stockholders’ Equity (SE), Revenues (R), and Expenses (E). Financial Statements are Income Statement (IS), Balance Sheet (BS), and Retained Earnings Statement (RE).
Account
Element
Financial Statement
Cash
Asset
Short-Term Investments
Property, Plant, and Equipment
Asset
Operating Expenses
Dividends
Other Long-Term Assets
Common Stock
Income Tax Expense
Rent Expense
Revenue/Sales
Inventory
Asset
Land
Asset
Long-term Note Payable
Misc. Operating Expenses
Misc. Payables
Patent
Asset
Retained Earnings, Beginning
Accounts Payable
Liability
Wages Expense
Accounts Receivable…
Chapter 2 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
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