A summary record of the changes in a particular asset, liability or owners equity is known as _________.

Account

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Account current

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Proforma Account

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Ledger

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Solution

The correct option is A Account
All the transactions are first recorded in the books of account. A separate account is opened in ledger for asset, liability, expense and owners equity to have the summary of all the transactions.

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Similar questions

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A summary record of the changes in a particular asset, liability or owners equity is known as _________.

The correct option is A AccountAll the transactions are first recorded in the books of account. A separate account is opened in ledger for asset, liability, expense and owners equity to have the summary of all the transactions.

The correct option is A Account
All the transactions are first recorded in the books of account. A separate account is opened in ledger for asset, liability, expense and owners equity to have the summary of all the transactions.