Glossary – Accounting
There are 7 names in this directory beginning with the letter T.
T-account
A visual aid used by accountants to illustrate a journal entry’s effect on the general ledger accounts. Debit amounts are entered on the left side of the “T” and credit amounts are entered on the right side.
Tax depreciation
The depreciation used on a company’s income tax return. Usually this is different from the depreciation used on the financial statements.
Trademark
An intangible asset that is reported at cost (or lower) on the balance sheet. It might consist of a name or a logo.
Transfer price
The price at which one division or subsidiary of a company transfers products to another division or subsidiary of the company.
Trial balance
A listing of the accounts in the general ledger along with each account’s balance in the appropriate debit or credit column. The total of the amounts in the debit column should equal the total of the amounts in the credit column.
