Question
What statement regarding T accounts is true?
T accounts are used for assets only.
They can include increases and decreases for more than one asset or liability.
Debits are on the left, and credits are on the right.
T accounts might accommodate transactions for more than one account.
T accounts are used for assets only.
They can include increases and decreases for more than one asset or liability.
Debits are on the left, and credits are on the right.
T accounts might accommodate transactions for more than one account.
Answers
GPT-4o mini
The true statement regarding T accounts is:
**Debits are on the left, and credits are on the right.**
This is a fundamental rule in accounting that applies to all T accounts, which represent the accounting equation's framework regardless of the type of account (assets, liabilities, equity, etc.).
**Debits are on the left, and credits are on the right.**
This is a fundamental rule in accounting that applies to all T accounts, which represent the accounting equation's framework regardless of the type of account (assets, liabilities, equity, etc.).