Advertisements
Advertisements
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
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
Define the term GAAP.
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 Business Entity Concept:
“Firms live forever.” Explain with reference to the concept of accounting.
Name the basic principles of accounting.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain the complete disclosure principle.
