T account
A template or format shaped like a T that represents a ledger page where debits and credits are recorded. A tool for analyzing transactions.
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Tangible asset
Assets that are physical in nature. Usually referred to as non-current fixed assets.
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Taxable income
The amount of income subject to income tax by the IRS or state taxing authorities.
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Techniques
A systematic procedure that has been developed to make it easier to find or follow something.
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Temporary account
Refers to a revenue or expense account because those accounts are closed at the end of each accounting period.
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Third party
Usually refers to a party that is more independent and objective than the first two; such as, an entity and its accountant is the first two and a bank is the third party.
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Ties
Accounting jargon for correlates.
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Timely
One of the three criteria of "Practicality" which is one of the two primary characteristics of accounting information. Accounting information contained in financial statements has to be available while it can still influence decisions. Timely information holds value, while "old" information loses its practical value.
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Trade in
An asset that is given in partial payment for another asset.
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Transaction
An economic event that occurs in the course of business that is recorded in the accounting records.
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Turnover
The number of times inventory or accounts receivable are replaced during a year.
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