Advertisements
Advertisements
प्रश्न
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Advertisements
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.
APPEARS IN
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.
Explain the need for GAAP for accounting.
Accounting principles are necessary due to which of the following reasons?
______ is the language of business.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain any two basic concepts of accounting.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the principle of consistency.
