Multiple choice

A detailed record of changes of assets, liabilities, or owner's equity is known as...

  1. An account

  2. A journal

  3. A ledger

  4. A trial balance
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A Correct answer
Explanation

An account is the basic storage unit for financial data, used to record increases and decreases in specific assets, liabilities, or equity items. A journal is a book of original entry, while a ledger is a collection of accounts.

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