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State whether the following statement is true or false with reasons: The double entry system is based on “Dual Aspect” concept. - Book Keeping and Accountancy

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Question

State whether the following statement is true or false with reasons:

The double entry system is based on “Dual Aspect” concept.

Options

  • True

  • False

MCQ
True or False

Solution

This statement is True.
As per dual aspect concept, in every transaction. Every debit has its corresponding and equal credit effect, which is always followed in the double-entry system.
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Accounting Concepts, Conventions and Principles
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Chapter 1: Introduction to Book - Keeping and Accountancy - EXERCISE [Page 17]

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Balbharati Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board
Chapter 1 Introduction to Book - Keeping and Accountancy
EXERCISE | Q 4. 3) | Page 17
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