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Which of the following is true about a T-Account? Group of answer choices Left hand side of the T-Account is called a debit. Left hand side of the T-Accounts is called a credit Right hand side of the T-Account is called a debit None are true.

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Answer:

The statement which is true about a T - Account is : Left hand side of a T - Account is called a debit.

Explanation:

A T-Account is a ledger account used to record any profit or loss item (expense and incomes) as well as any balance sheet item (Assets,Liabilities or Equity).

Every T - Account consist of a A Debit or Credit Side.

  1. Debit Side of a T- Account

This side is used to record entries that depicts flow of resources into the business from and is represented by the Right Hand.

  1. Credit Side of a T-Account

This side is used to record entries that depict outflow of resources from the business and is represented by the Left Hand Side

So basically as the Accounting rule goes, " Debit the receiver and Credit the giver" The Debit is the receiving side and that is on your Left Hand Side.Whilst the Credit is your giving side and that is your Right Hand Side.

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