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प्रश्न
This principle suggests that every debit has a corresponding and equal credit.
पर्याय
Matching principle
Principle of full disclosure
Dual aspect principle
Realisation concept
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उत्तर
Dual aspect principle
Explanation:
The dual aspect principle is a fundamental concept in accounting that suggests every financial transaction has two aspects: a debit and a corresponding and equal credit. This principle ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced, as every transaction affects at least two accounts in opposite ways.
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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.
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to Business Entity Concept:
"Firms live forever." Explain with reference to the concept of accounting.
Discuss in brief the basic principles of accounting.
Explain The Dual Aspect Principle.
Name any four concepts of GAAP.
