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प्रश्न
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
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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.
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संबंधित प्रश्न
Explain the Business Entity Concept.
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the concept of The Dual Aspect Principle.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to Business Entity Concept:
Discuss in brief the basic principles of accounting.
Explain the money measurement principle of accounting.
Explain the revenue principle.
