Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

What is a T-account? Describe the basic components of any account.

To determine

Account and Its basic component

To help recording the transaction in a systematic way, the Accounts are prepared. The Accounts are prepared to record and categorized the similar transactions at one place i.e. cash transactions are recorded at one place at Cash account. There are two basic components of each Accounts i.e. Debit Side and Credit Side.

The T-accounts and their basic components.


Accounts are prepared to help to record and categorize similar transactions at one place. This is also known as T-accounts as it of T-shaped of English alphabet. Account is a record of increasing or decreasing balance of each element of financial statement i.e. single account is prepared for each element of financial statement.

Accounts consists of two basic components i...

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