T-account

T-account

A simplified representation of the actual accounts used for record-keeping. Called T-account because it looks like the letter T with debits under the left arm and credits under the right arm.
References in periodicals archive ?
The instructor updates the Raw Materials T-account on the board by adding $4,000 for the purchase from outside suppliers.
In addition, the instructor updates the T-accounts on the board, moving $200 out of the RM Inventory account and into the WIP T-account.
Next, it describes the NIPA sectors for which economic activity is measured and uses a simple T-account to illustrate economic flows.
The purpose of its design is to present cost accounting from a computer-based perspective to students--as opposed to the traditional T-account, manual approach.
Let us compare the traditional T-account approach to the proposed alternative schematic approach.
The fifth edition has retained several of its key features from the prior edition: flexible modules, reverse T-account analysis, ethics vignettes, international coverage, industry data, excerpts from business publications and professional journals.
The T-Account Close is really a variation of the Summary Close.
Then use the T-Account Close to prove that your proposal has the priority items on the left side of the T-Account.
If the interviewers have brought up some shortcomings in your training, experience, or background, use the T-Account Close to show how your positive attributes outweigh any negative ones.
FIGURE 12-2 The T-Account Close THE T-ACCOUNT CLOSE Disadvantages Advantages You are looking for a person who I studied Spanish in high school is bilingual in English and for four years, during which I Spanish, and although I know maintained an "A" average.
Each transaction is illustrated in journal entry and T-account form, plus uses well-done marginal notations of the effect of the transaction entry on the accounti ng equation and financial statements.
The derivation of each of these economic accounts is described in two steps: (1) The rearrangement of the business accounting statements into the T-account form and (2) the modification of the T-accounts to obtain economic accounts.