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प्रश्न
Explain the concept of The Dual Aspect Principle.
उत्तर
This principle suggests that every debit has a corresponding and equal credit. There must be a giver of benefit and also a receiver of the same. Suppose X purchases a car for ₹ 3,00,000. He will get the car and will pay cash ₹ 3,00,000. So one account (car) will be debited and another account (cash) will be credited with the same amount. This principle has given rise to the double entry system. It is due to this principle that both the sides of the Balance Sheet are equal and the accounting equation is always true, i.e.,
Capital = Assets - Liabilities
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संबंधित प्रश्न
Define the term GAAP.
Accounting principles are necessary due to which of the following reasons?
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
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.
According to Business Entity Concept:
What is business entity concept of accounting?
Explain Accounting Period Concept.
Explain the realisation principle.
