Final answer:
Under the universally used double-entry accounting system, a company records the dual (two-sided) effect of each transaction in appropriate accounts using a T-account.
Step-by-step explanation:
The subject of this question is Business. Under the universally used double-entry accounting system, a company records the dual (two-sided) effect of each transaction in appropriate accounts. One way companies do this is by using a T-account, which has a two-column format with the T-shape formed by the vertical line down the middle and the horizontal line under the column headings for 'Assets' and 'Liabilities'.