Question

What do you understand by Dual Aspect Concept ? Explain its accounting implications with examples.

Answer 1

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

Answer 2

Dual Aspect means the debit and the credit sid eof an account sheets or balance sheets will always be equal