Question

It encourages the accountant to post each entry in opposite sides of two affected accounts
answer choices
Money Measurement Concept

Full disclosure convention

Dual aspect Concept

Realisation concept​

Answer 1

Answer:

Income statements (Trading and/or Profit and Loss Account)− An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss.

Balance Sheet− It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, etc.