Question

Every thing a firm owns it also owes out to somebody. Identify the concept which explains this: *

1 point

Materiality

Full Disclosure

Dual Aspect

Consistency

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Answer 1

Answer:

Dual aspect

Explanation:

It provides the very basis for recording business transactions into the book of accounts. This concept states that every transaction has a dual or two-fold effect and should therefore be recorded at two places. In other words, at least two accounts will be involved in recording a transaction.