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)Dividends account.
B)Equity account.
C)Drawing account.
D)T-account.
E)Balance column sheet.

Question

Quizplus · Accepted Answer

A T-account is a simple tool used in accounting that visually represents a ledger account. It has two sides, with the left side displaying debits and the right side displaying credits. This helps individuals to understand how transactions affect the balance of the account.

A Simple Tool That Is Widely Used in Accounting to Represent