A simple account form widely used in accounting as a tool 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 simple visual representation of how debits and credits affect the balance of an account. It is widely used in accounting to help individuals understand the impact of their transactions on a specific account. The other answer options listed are all types of accounts, but do not specifically refer to a tool used to understand the impact of debits and credits.

A Simple Account Form Widely Used in Accounting as a Tool