Advertisements
Advertisements
प्रश्न
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Advertisements
उत्तर
According to the dual aspect principle, every business transaction has two effects on the business. This dual effect is recognized by recording both aspects of each transaction, namely the changes in assets and liabilities. This principle ensures that the two sides of the balance sheet always remain equal.
APPEARS IN
संबंधित प्रश्न
Explain the Business Entity Concept.
This principle suggests that every debit has a corresponding and equal credit.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
Explain Matching Concept of GAAP.
Explain the money measurement principle of accounting.
Explain any two basic concepts of accounting.
Explain the complete disclosure principle.
Explain the revenue principle.
Explain the expense principle.
Name any four concepts of GAAP.
