A simple tool that is widely used in accounting to represent a ledger account and to understand how debits and credits affect an account balance is called a:
A)Withdrawals account.
B)Capital account.
C)Drawing account.
D)T-account.
E)Balance column sheet.

Question

Quizplus · Accepted Answer

A T-account is a visual representation of a ledger account with debits on the left and credits on the right. It is called a T-account because it looks like the letter T. It helps to determine the balance of an account and to understand how transactions affect that balance.

A Simple Tool That Is Widely Used in Accounting to Represent