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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 need for GAAP for accounting.
Define the term GAAP.
Accounting principles are necessary due to which of the following reasons?
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
What is business entity concept of accounting?
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
"Fixed assets should be valued at the market price." Comment.
Explain the money measurement principle of accounting.
Write short note on the going concern concept.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
