167k views
4 votes
Which format provides specific transaction information for each account provided on the chart of accounts?

A. T-account correct
B. Four-column ledger
C. Both are correct
D. None of the above

1 Answer

4 votes

Final answer:

The correct format that provides specific transaction information for each account in the chart of accounts is 'A. T-account'. T-accounts help visualize the effects of transactions with a simple two-column, T-shaped figure.

Step-by-step explanation:

The format that provides specific transaction information for each account listed on the chart of accounts is the T-account. This means that the correct answer is 'A. T-account'. T-accounts are a visual aid for understanding the effects of transactions on individual accounts, where the left side of the 'T' represents debits and the right side represents credits. Each T-account corresponds to a particular account in the chart of accounts, making it easier to see the impact of transactions. On the other hand, a four-column ledger can provide a more detailed record, including the date, description, and running balance, but the specific format that matches the description given in the question most closely aligns with a T-account.

No related questions found