Question

which concept is basis for double entry system of book keeping​

Answer 1

Answer:

Double-entry refers to an accounting concept whereby assets = liabilities + owners' equity. In the double-entry system, transactions are recorded in terms of debits and credits.

Explanation:

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Answer 2

ANSWER :

Duel Aspect Concept is the basis for Double Entry System of book-keeping.

• Dual Aspect Concept states that there are Dual or two aspects which is effected by each transaction.

• Dual Aspect Conceptnis the very foundation of present accounting mechanism which is the Double Entry System of book-keeping.

• According to Dual Aspect Concept, every business transaction has a double effect, i.e., two sides.

• Dual Aspect Concept expresses the relationship between Assets, Liabilities and Capital that is expressed in the form of equation.

• The equation for the relationship between Assets, Liabilities and Capital is known as Accounting Equation. The accounting equation is : Asset = Liability + Capital.

• Double Entry System was first evolved by Fra Luca Pacioli.

• Double Entry System recognizes the fact that there are two fold aspects in every business transaction.