Accountancy, asked by kitkrut2807, 1 year ago

Explain Dual Aspect Concept?

Answers

Answered by MrPoizon

Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.

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Answered by ItzPearlStealer

Answer:

According to the Dual Aspect Concept, each business transaction has a dual or a two way effect. This implies that a particular business transaction involves minimum two accounts when recorded in the books of accounts. This principle is the foundation of Double Entry System of accounting.

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