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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 the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
GAAP stands for ______.
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.
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 this principle, cost of a particular period should be charged from the revenue of same period only.
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.
"Every transaction affects at least three accounts." Comment.
Explain Accounting Period Concept.
Write short note on the going concern concept.
