Which statement best describes a T-account? O A T-account is used to record transactions in a chronological order and serves as a book of original entry. A T-account is used in a business to accurately report the financial status of its operations to the owners. O A T-account represents a ledger account and is a tool used to understand the effects of one or more transactions. O A T-account is a formal financial statement which reports whether debits credits at any given time.