Question

what do you understand by dual aspect concept. Explain its accounting implications.

Answer 1

according to this concept every business transaction is recorded as having dual aspect . or we can say that every transaction at least affects two accounts if one is debited any other must be credited . the system of recording transactions based in this principle is called as 'double entry system'. it is because of this concept that two sides of balance sheet are always equal.
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Answer 2

Answer:

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Explanation:

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.