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
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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