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प्रश्न
Explain the concept of The Dual Aspect Principle.
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उत्तर
This principle suggests that every debit has a corresponding and equal credit. There must be a giver of benefit and also a receiver of the same. Suppose X purchases a car for ₹ 3,00,000. He will get the car and will pay cash ₹ 3,00,000. So one account (car) will be debited and another account (cash) will be credited with the same amount. This principle has given rise to the double entry system. It is due to this principle that both the sides of the Balance Sheet are equal and the accounting equation is always true, i.e.,
Capital = Assets - Liabilities
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संबंधित प्रश्न
Explain the Money Measurement Concept.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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Name the basic principles of accounting.
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Explain the money measurement principle of accounting.
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Explain the realisation principle.
Name any four concepts of GAAP.
