Final answer:
The statement in question is true as payments indeed contain the amount of tenders applied to an account's balance. This is a fundamental concept in financial management and accounting, which is visually represented in T-accounts on a balance sheet.
Step-by-step explanation:
The statement that a payment contains the amount of the tenders applied to a given account's balance is true. When a payment is made, it reflects the value of tenders that are used to pay off or reduce a balance on an account. For instance, if an account's balance is owed and payment in the form of cash, credit, check, or other tenders is applied, the amount of these tenders is recorded and the account balance is adjusted accordingly.
The concept of a T-account relates to this as it is a way to visualize the effect of transactions on an account. T-accounts are part of a balance sheet which presents assets and liabilities in a two-column format resembling the letter 'T'. Each transaction, including payments, is entered on the debit or credit side to indicate a decrease or increase in the account's balance, respectively.
Understanding the role of payments in managing balances is crucial for efficient financial management and the principle is essential in accounting and finance courses.