Which English alphabet is similar to the shape of an account?
Correct answer: B. T
- A. I
- B. T
- C. H
- D. None
Explanation
An account is commonly illustrated as a capital T, with the account title at the top and debit and credit sides on the left and right. This is why the T-account format is used in bookkeeping.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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