Question

1. A formal record of transactions in which changes in a particular item are recorded is

called:

a. Account

b. Journal

c. Ledger

d. Trial balance​

Answer 1

Answer:

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Answer 2

The formal record is an account.

• It is a detailed record of all the changes in a certain asset, obligation, or owner's equity throughout the course of a period of time.
• It is a declaration or record of financial expenditures and receipts for a certain period or purpose.
• These postings form part of a book of final entry, which is generally known as a ledger.
• The look of the bookkeeping entries is likewise described by this phrase.