Question

multiple choice question
the correct definition of an \account\ includes which of the following?

a customers purchase order for buying merchandise
a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item
a bank report listing checks written and deposits made during a month
a cashiers tape register receipt showing total dollars of sales made

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Explanation:

An account in accounting is a formal record that tracks all changes (increases and decreases) to a specific type of financial element, including assets, liabilities, equity, revenues, and expenses. The other options represent source documents or external records, not the formal accounting account itself.

Answer:

B. A record of increases and decreases in a specific asset, liability, equity, revenue, or expense item