Advertisements
Advertisements
प्रश्न
This principle suggests that every debit has a corresponding and equal credit.
विकल्प
Matching principle
Principle of full disclosure
Dual aspect principle
Realisation concept
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
What does GAAP stand for in Accounting?
Justify the following:
Every transaction is recorded in at least three accounts.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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.
What is meant by going concern concept of Accounting.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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.
Discuss in brief the basic principles of accounting.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the revenue principle.
