A simple account form widely used in accounting to illustrate how debits and credits work is called a:
A)Dividend account
B)Common stock account
C)Drawing account
D)T-account
E)Balance column sheet

Question

Quizplus · Accepted Answer

The T-account is a simple, widely used account form in accounting that visually illustrates how debits and credits work. It is structured with the account title at the top, a vertical line down the middle, and two columns on either side representing the debit and credit sides of the account. The T-account is an effective way for accountants to keep track of transactions and easily see any imbalances in a company's accounts.

A Simple Account Form Widely Used in Accounting to Illustrate