Question

class 11th gseb
board​

Answer 1

Answer:

1) The dual effect principle is the foundation or basic principle of accounting. It provides the very basis for recording business transactions into the records of a business. This concept states that every transaction has a dual or double effect and should therefore be recorded in two places.

2) A cash transaction is a transaction where there is an immediate payment of cash for the purchase of an asset.

3) payment for a credit transaction is settled at a later date.

4) For example, a person walks into a store and uses a debit card to purchase an apple. The debit card functions the same as cash as it removes the payment for the apple immediately from the purchaser's bank account. This is a cash transaction.

5) For example, a person walks into a store and uses a debit card to purchase an apple. The debit card functions the same as cash as it removes the payment for the apple immediately from the purchaser's bank account. This is a cash transaction.

6) For example, you may buy some groceries at your local shop and pay for them in cash there and then, that's a cash transaction. ... On the other hand, credit transactions are paid at a later date than when the exchange of goods or services took place and almost all of time an invoice for the transaction is issued.

7) For example, you may buy some groceries at your local shop and pay for them in cash there and then, that's a cash transaction. ... On the other hand, credit transactions are paid at a later date than when the exchange of goods or services took place and almost all of time an invoice for the transaction is issued.

Explanation:

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