What statement is true regarding T accounts?

Question

T accounts are used only for assets.

Debits are on the left, and credits are on the right.

T accounts reflect increases and decreases in a single account.

They can include increases and decreases for more than one asset

Answer 1

The true statement regarding T accounts is:

Debits are on the left, and credits are on the right.

T accounts are a fundamental tool in accounting that visually represent how transactions affect individual accounts. Each T account consists of two sides: the left side for debits and the right side for credits. The other statements are incorrect because T accounts can represent all types of accounts, not just assets, and they reflect increases and decreases in a single account, not for multiple accounts at once.