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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
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
Name the basic principles of accounting.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain The Dual Aspect Principle.
Explain the complete disclosure principle.
Name any four concepts of GAAP.
