Question

Explain with example the cost concept and dual aspect concept

Answer 1

cost concept

**The cost principle is one of the basic underlying guidelines in accounting. It is also known as the historical cost principle.

Eg: fixed asset should always recorded at historical cost

dual aspect concept

**Dual Aspect Concept. As per dual aspect concept, every transaction affects two accounts. ...

 eg : In accounting equation, there are two sides. One sides are total assets and other side is total liabilities