Explain with example the cost concept and dual aspect concept
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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
**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
sujiritha95:
pls mark it as brainliest answer
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