Examlex
Simplify the difference quotient:
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T Accounts
A visual representation of a ledger account that separates debits and credits, making the accounting process simpler.
Debit
An accounting entry that either increases an asset or expense account, or decreases a liability or equity account.
Credit
An accounting entry that may either decrease assets or expenses or increase liabilities, equity, and income, recorded on the right side of an accounting ledger.
Trial Balance
An accounting report that lists all the balances in a company's ledger accounts, used to check the accuracy of bookkeeping entries.
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