T - Accounting Dictionary
Three column cash book
A journal which deals with the day to day cash and bank transactions of a business. The side of a transaction which relates directly to the cash or bank account is usually balanced within the journal and used as a part of the nominal ledger when compiling a balance sheet (ie. only the side which details the sale or purchase needs to be posted to the nominal ledger).
T-Account
A particular method of displaying an account where the debits and associated information are shown on the left. and credits and associated information on the right.
Transaction
An event of a financial nature that must be recorder in the organisations accounts. Examples include: purchasing stock, selling merchandise, paying employees, selling an obsolete computer and paying rent.
Tangible assets
Assets of a physical nature. Examples include buildings. motor vehicles. plant and equipment. fixtures and fittings.
