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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 Money Measurement Concept.
Explain the need for GAAP for accounting.
Explain the concept of The Dual Aspect Principle.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to Business Entity Concept:
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Write short note on Going Concern Concept.
Explain the complete disclosure principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
