Question: Which statement best describes a T-account? Multiple choice question. *A T-account represents a ledger account and is a tool used to understand the effects of

Which statementbestdescribes a T-account?

Multiple choice question.

*A T-account represents a ledger account and is a tool used to understand the effects of one or more transactions.

*A T-account is used to record transactions in a chronological order and serves as a book of original entry.

*A T-account is a formal financial statement which reports whether debits = credits at any given time.

*A T-account is used in a business to accurately report the financial status of its operations to the owners.

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