Online Accounting Dictionary

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T account is an individual accounting record that shows information about increases and decreases in one balance sheet or income statement account. It is so called because it has a form of letter T.
Tangible assets are those which one can touch and include natural recourses, machinery, tools, equipment, buildings and land, among others.
Temporary accounts are closed at the end of each period. These are mostly income statement accounts, except for a distribution account that is equity statement account. Temporary accounts are also called nominal accounts.
Transaction drivers count the number of times an activity occurs (e.g. number of orders processed, number of orders shipped, number of items inspected). Transaction drivers can accurately measure the activity rate when the activity requires the same amount of time.
Transportation-in expenditures are cost incurred to delivery inventory from the vendor (supplier) to the company. Transportation-in costs are treated as part of the inventory costs (product costs).
Transportation-out expenditures are expenses incurred to deliver products from the company to the customer. Transportation-out expenditures are treated as period costs and expensed in the period of occurrence.
Trial balance is a list of all accounts with their balances at a point in time.

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