everything a firm owns it also owes to somebody this coincidence is shown by which concept
Answers
Answer:
option d ' D ' dual aspect concept ....
Everything a firm owns it also owes to somebody this coincidence is shown by which concept ?
The correct answer is :
:— Dual aspect
Explanation :
Everything a firm owns it also owes to somebody this coincidence is shown by 'dual aspect' concept.
Dual aspect is the basic principle of accounting. The dual aspect provides a sound basis for recording business transactions in the books of accounts. In the concept of dual aspect, it is clarified that a transaction can have a dual effect. Therefore any transaction should be recorded in two places. At least 2 accounts should be involved in the process of accounting, so that their records can be maintained at two places. This type of dual effect accounting is adopted in case of almost all types of business transactions.
This concept of dual aspect is known as duality principle. The duality principle is usually represented in the form of an oral accounting equation.
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