Final answer:
The statement that source documents are where accountants record transactions in date order is false. Source documents serve as evidence for transactions, which are recorded in journals and then posted to T-accounts in the general ledger.
Step-by-step explanation:
Source documents are not where accountants record transactions in date order. The statement is false. Source documents are the original records that contain the details of a business transaction. They are used as evidence and the basis for recording transactions. Instead, accountants use journals to record transactions in chronological order. Afterward, the information from the journals is posted to T-accounts in the general ledger, which are part of the double-entry bookkeeping system. Each T-account has two columns: one for debits and one for credits, resembling a T shape, where the vertical line in the middle divides the two.
A T-account is not itself a balance sheet, but rather a tool that helps in preparing the balance sheet, which is a financial statement showing a company's assets and liabilities. It's important to note that financial concepts such as a time deposit or a unit of account are separate from the recording process and focus on other areas of financial management.