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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
Justify the following:
Every transaction is recorded in at least three accounts.
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?
Define the term GAAP.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
According to Business Entity Concept:
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
Explain the complete disclosure principle.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
