Asked by Maria Rodriguez on May 08, 2024
Verified
The T-account is very useful for accumulating the effects of transactions on account balances and for determining individual account balances.
T-account
A graphical representation of a ledger account that outlines the effects of transactions on a specific account, used in double-entry bookkeeping.
Transactions
Financial interactions or exchanges between two or more parties, often involving the transfer of goods, services, or funds.
- Understand the utility of T-accounts in accounting.
Verified Answer
BM
Baylor MilesMay 09, 2024
Final Answer :
True
Explanation :
The T-account is a visual representation of an account in double-entry bookkeeping. It helps to keep track of the changes and effects of transactions on account balances. Furthermore, T-accounts are helpful for determining individual account balances.
Learning Objectives
- Understand the utility of T-accounts in accounting.