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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
What does GAAP stand for in Accounting?
Explain the Money Measurement Concept.
Define the term GAAP.
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.
Name the basic principles of accounting.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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 a liability of the firm. Answer with reference to the concept of Accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Name any four concepts of GAAP.
