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प्रश्न
This principle suggests that every debit has a corresponding and equal credit.
विकल्प
Matching principle
Principle of full disclosure
Dual aspect principle
Realisation concept
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उत्तर
Dual aspect principle
Explanation:
The dual aspect principle is a fundamental concept in accounting that suggests every financial transaction has two aspects: a debit and a corresponding and equal credit. This principle ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced, as every transaction affects at least two accounts in opposite ways.
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संबंधित प्रश्न
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, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
According to Business Entity Concept:
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Fixed assets should be valued at the market price." Comment.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the principle of consistency.
Name any four concepts of GAAP.
