Difference between dual accounting and double entry system
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The double entry system: of accounting or bookkeeping means that every business transaction will involve two accounts (or more). For example, when a company borrows money from its bank, the company's Cash account will increase and its liability account Loans Payable will increase.
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention ofaccounting that necessitates the recognition of all aspects of anaccounting transaction. Dualaspect concept is the underlying basis for double entry accountingsystem.
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention ofaccounting that necessitates the recognition of all aspects of anaccounting transaction. Dualaspect concept is the underlying basis for double entry accountingsystem.
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