Final answer:
The answer is False, as every individual account in a ledger does not need to be balanced; it is the balance sheet as a whole that must show assets equaling the sum of liabilities and equity.
Step-by-step explanation:
In regards to the question whether in a balanced set of accounting records, EVERY account must balance, the answer is B) False. Individual accounts within the ledger may not necessarily balance by themselves, but instead, all of the accounts must collectively balance within the balance sheet, which reflects the accounting equation: Assets = Liabilities + Equity. The overall balance is achieved because the debits and credits across all accounts should equal, ensuring that the accounting records as a whole are balanced. The balance of trade, balance of payments, and other elements like bank capital or bank regulation relate to broader financial concepts that ultimately impact the balance sheet and financial statements of a business, but they are not the reason each individual account must balance in isolation.