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A record of all the changes in a particular asset during a period of time is found in a(n):

a) Prior period's balance sheet
b) Transaction
c) Account
d) Trial balance

1 Answer

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Final answer:

A record of all changes in a particular asset over time is found in an account, where all associated transactions are recorded, distinguishing it from a single transaction, balance sheet, or trial balance.

Step-by-step explanation:

A record of all the changes in a particular asset during a period is found in an account. An account within a company's ledger is where all debits and credits associated with that particular asset are recorded. This differs from a balance sheet, which shows the assets, liabilities, and equity at a specific point in time. Similarly, a transaction only represents a single event of change within an account, not the complete record of changes over time. A trial balance is a report that lists the ending balances of each account in the ledger but does not detail individual changes. The T-account is a visual aid commonly used to represent an account, with a two-column format that illustrates the debit and credit entries.

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