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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 Money Measurement Concept.
Explain the concept of The Dual Aspect Principle.
Accounting principles are necessary due to which of the following reasons?
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 this principle, cost of a particular period should be charged from the revenue of same period only.
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.
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
