Definition of T account:
Simplified two-column account form that resembles capital (uppercase) letter T and is used commonly in illustrating double entry bookkeeping techniques. Its three elements are (1) a title that describes a particular account or financial statement item (such as cash balance, input costs, sales revenue), (2) left hand side column called the debit side, and (3) right hand side column called the credit side.
How to use T account in a sentence?
- You may want to use a T account because it is an easy way to see how your finances are currently looking.
- I was put in charge of the t account , which was great because I was really good at bookkeeping and making sure everything was good.
- The accounting measure we suggested the new analyst use to become familiar with our accounts is known as the T account .
Meaning of T account & T account Definition