Question

a systematic arrangement that shows the effect of transactions and other events on a specific element (asset, liability, and so on); companies keep a separate one for each asset, liability, revenue, and expense, and for capital (owner's equity); what are they also sometimes referred to as?

Answer 1

A T-account is a systematic arrangement that shows the effect of transactions and other events on specific elements in accounting, such as assets, liabilities, revenues, and expenses.

Step-by-step explanation:

A systematic arrangement that shows the effect of transactions and other events on a specific element (asset, liability, and so on) is known as a T-account. Companies keep a separate T-account for each asset, liability, revenue, expense, and for capital (owner's equity).