Question

cost concept and dual aspect concept

Answer 1

Cost concept: The cost concept requires that all the assets are recorded in the books of accounts at their cost price which includes cost acquisition, transportation, installation, and making the asset ready for the use.

Dual aspect concept: This concept states that, every transaction has a dual or two fold effect on various accounts and should therefore be recorded at two places. The duality principal is expressed in terms of fundamental accounting equation, which is
Assets = liabilities + capital .

Answer 2

Answer:

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