Final answer:
A ledger is the record of increases and decreases in a specific account, organizing transactions by account, distinguishing it from a journal, a trial balance, or a balance sheet.
Step-by-step explanation:
The record of the increases and decreases in a specific account is known as a ledger. Unlike a journal, which records transactions chronologically, a ledger organizes these transactions by account. Also, it is not a trial balance or a balance sheet; the trial balance is a worksheet listing all the balances of each ledger account to check the accuracy of ledger postings, while a balance sheet is a statement that shows the assets, liabilities, and equity of a business at a particular point in time, outlined in the T-account format with two columns for assets and liabilities. The ledger's role is to show the detailed activity for each account, making it a crucial component of a company's accounting system.