Final answer:
A chart of accounts is a true listing of all accounts used by a company for its financial transactions, organized by the order presented on financial statements. T-accounts help visualize this information in a simple format, showing assets on one side and liabilities plus net worth on the other.
Step-by-step explanation:
A chart of accounts is indeed a list of all the accounts which a company has established in order to account for its transactions. It typically includes accounts organized in the order of their appearance on the balance sheet and income statement, starting with assets, liabilities, and equity accounts, followed by revenue and expense accounts.
The T-account is a balance sheet representation with a two-column format, showing assets on the left and liabilities on the right. Banks use T-accounts to provide a visual structure for their balance sheets, illustrating assets against liabilities and net worth, which must balance to zero, reflecting the accounting equation wherein assets equal liabilities plus net worth.
In finance, a time deposit is a high-interest-bearing account such as a certificate of deposit, which has a fixed term. Transaction costs refer to the expenses incurred when finding a lender or borrower. The unit of account function of money provides a standardized method for measuring and comparing the value of goods and services in an economy.