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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.
Accounting principles are necessary due to which of the following reasons?
According to this principle, cost of a particular period should be charged from the revenue of same period only.
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
Explain Matching Concept of GAAP.
Explain any two basic concepts of accounting.
Explain the Dual Aspect Principle.
Explain the complete disclosure principle.
Name any four concepts of GAAP.
