Which of the Following Is True About T Accounts

question 99

Multiple Choice

Which of the following is true about T accounts?

• A) The left side of a T account is called the debit side.
• B) The left side of a T account is called the credit side.
• C) The right side of a T account is called the debit side.
• D) Transactions are first recorded in T accounts and then posted to the journal.

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Definitions:

Japanese Concept

Management and production practices originating in Japan that emphasize efficiency, continuous improvement, and worker involvement, such as Kaizen and Lean Manufacturing.

Bullwhip Effect

A phenomenon in supply chains where small fluctuations in demand at the retail level cause increasingly larger fluctuations in demand at the wholesale, distributor, and manufacturer levels.

Quantity Discounts

Price reductions given for purchasing goods in large quantities, often used by sellers to encourage bulk purchases.

Annual Volume

The total amount of something produced or processed in a year.