Question

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

Answer 1

T-account is the accounting tool that represent a ledger account and tells how debits and credits affect an account balance.

What is T-account?

In accounting, a T-account is a term that incorporate the set of financial records that uses a double-entry bookkeeping

In conclusion, the T-account is the accounting tool that represent a ledger account and tells how debits and credits affect an account balance.

Read more about ledger

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