T Accounts for Dummies

T-Accounts & Credit Debit

The final product of an accounting system are financial reports. The standard system to help us understand the business transactions are defined through a T Account.  Accounting system consists of various elements like debits/credits, double-entry accounting, and chart of accounts.

The full explanation of these terms are included in a PDF file called T Accounts for Dummies. It also covers other basic accounting topics and resources.

Page 104 of Fundamental Accounting Principles Text Book (Volume 1 by Larson Jensen) defines T-Accounts as: A simple characterization of an account form used as a helpful tool in showing the effects of transactions on specific accounts.

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