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प्रश्न
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
उत्तर
According to the dual aspect principle, every business transaction has two effects on the business. This dual effect is recognized by recording both aspects of each transaction, namely the changes in assets and liabilities. This principle ensures that the two sides of the balance sheet always remain equal.
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संबंधित प्रश्न
Explain the Business Entity Concept.
GAAP stands for ______.
______ is the language of business.
This concept assumes that the business will continue to exist for a long time in the future.
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 this principle, cost of a particular period should be charged from the revenue of same period only.
What is business entity concept of accounting?
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain 'Matching Concept' of GAAP.
Explain the revenue principle.
