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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
Explain the Business Entity Concept.
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?
Explain the concept of The Dual Aspect Principle.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
"Fixed assets should be valued at the market price." Comment.
Explain any two basic concepts of accounting.
Explain matching principle of accounting.
Explain the revenue principle.
Explain the principle of consistency.
