T-account
(Redirected from T account)
T-account (alternatively spelled as T account; hereinafter, the Account) is a skeleton version of a ledger account that is used for demonstration purposes.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- T account. A skeleton version of a standard account used for demonstration purposes.
According to Principles of Economics by Timothy Taylor (3rd edition),
- T-account. A balance sheet with a two-column format, with the T-shape formed by the vertical line down the middle and the horizontal line under the column headings for "Assets" and "Liabilities."
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
