Glossary of Terms
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- T account:
- The simplest form of an account; used to analyze transactions.
- Tax services:
- The services offered by public accountants in tax planning, compliance, and reporting.
- Temporary account:
- Accounts that show the accumulation of revenues and expenses over one accounting period; These account balances are transferred to owner’s equity at the end of the accounting period. Also called nominal accounts.
- Theoretical capacity:
- The maximum productive output for a given period assuming all machinery and equipment are operating at optimum speed without interruption.
- Total manufacturing costs:
- The total costs for materials used, direct labor, and factory overhead incurred and charged to production during an accounting period.
- Trade credit:
- Credit granted to customers by wholesalers or retailers.
- Trade discounts:
- Deduction (usually 30 percent or more) off list or catalogue price.
- Trial balance:
- A comparison of the total of debit and credit balances in the ledger, to check that they are equal.