Question

Every transactions has two aspects i.e
debit and Credit under which of the
following accounting principles​

Answer 1

Answer:

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every transaction will have 'dual' effects (i.e. debit effects and credit effects). The application of duality principle therefore ensures that all aspects of a transaction are accounted for in the financial statements.

Answer 2

• Every Business transaction has  2 different aspects.
• The Transaction has financial value.
• Two parties should be there.
• Every Transaction will have dual effects i.e., debit effects and credit effects.
• It is because every transaction in the firm is recorded in two different accounts.
• Dual aspects concept tells about every transaction in business at least affect two aspects.
• In  single entry system only one side of the transaction are made.

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