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Accounts payable remains the area with the largest concentration of bestpractices, with the total now rising to 40 just in this area. A number of risk man-agement and investor management best practices have also been added to theï¬nance chapter, as well as a smattering of best practices to a half-dozen otherchapters. The result is 292 best practices to assist the reader in creating a moreefï¬cient and effective accounting department. Given the large number of best practices in this book, it would have becomequite difï¬cult to locate speciï¬c items under the structure used in the second edi-tion.
The left side of a T-account represents a debit and the right side a credit. A T-account allows an accounting professional to manually calculate the balance of a specific account in a quick and efficient manner. T-account uses double entry accounting by placing the transaction amount in the debit column of one T-account and in the credit column of a corresponding T-account. For example, if a company sells a product to a customer for $1,000 cash, the bookkeeper must make an entry in two separate T-accounts.